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The cryptocurrency, Bitcoin, is facing difficulty in establishing a firm position above the $38,000 mark, according to recent trends. Analysts have observed bearish signs and speculate the likelihood of a decrease below the $37,150 support benchmark. The cryptocurrency is currently battling a solid resistance at about the $37,750 mark. What’s more, Bitcoin’s price is also trading lower than the $37,500 mark and the established 100 hourly simple moving average. Data from Kraken suggests that an interconnected bearish trend line is appearing on the hourly chart of Bitcoin and the U.S. Dollar pair, with resistance hovering close to the $37,450 mark. If the cryptocurrency fails to overcome the $37,150 support line it could risk further devaluation.
Bitcoin made an attempt to exceed the $37,750 resistance but, although it managed to spike slightly above $37,750 and $38,000, it could not retain a stable position over the $38,000 bar. A temporary peak at roughly $38,432 led to a downdraft. The cryptocurrency’s subsequent failure to maintain a firm footing over the $37,750 level resulted in a decline below $38,000 and $37,750. Subsequently, Bitcoin has been trading lower than $37,500, in the bearish domain of the 23.6% Fib retracement level from the recent tumble from a $38,432 swing high to a $37,151 low. Insiders have outlined that despite the first significant resistance building up at $37,750, major resistance is quickly approaching the $38,000 mark or recent decline’s 61.8% fib retracement level. However, there is optimism that a close above the crucial $38,000 resistance line could trigger a significant surge in the cryptocurrency’s value.
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