Bitcoin started a bearish trend

The flagship crypto asset BTC $98,632.97 Bitcoin 0.55% Market capitalization $1.95 trillion VOL. 24 hours $5.64 billion made another attempt to overcome the resistance of $ 37,750 — the price of BTC jumped above the resistance levels of $ 37,750 and $ 38,000. However, the virtual asset still failed to stay above $ 38,000.

Crypto experts note that a maximum was formed at $ 38,432, and the price reacted to the decline. There was a movement below the levels of $ 38,000 and $ 37,750. The low was formed at $ 37,151, and now the price is consolidating losses. It is showing bearish signs below the 23.6% Fibonacci retracement level.

Bitcoin is currently trading below $ 37,500 and the 100-hour simple moving average. The nearest resistance is near the $ 37,400 level. On the hourly chart of the BTC/USD pair, a connecting bearish trend line is also forming with resistance near $ 37,450.

The first major resistance is forming around $ 37,750. The main resistance is now at $ 38,000, or the 61.8% Fibonacci retracement level. A close above the $ 38,000 resistance could be the start of strong growth.

Analysts emphasize that the next key resistance could be around $ 38,500, above which BTC could rise and test the $ 39,200 level. In this case, the crypto asset could even reach $ 40,000.

If bitcoin fails to rise above the $ 38,000 resistance zone, a new decline may begin. The immediate downside support is near the $ 37,150 level.

The next important milestone for BTC is $ 36,700. If there is a move below $ 36,700, there is a risk of a further drop in the crypto asset. In this case, the price may drop to $ 36,00. The next key support in this scenario will be $ 35,650.

Technical indicators:

• MACD (moving average convergence/divergence) is currently gaining momentum in the bearish zone.
• The hourly RSI (Relative Strength Index) for BTC/USD is currently below 50.
• The main support levels are $ 37,150, followed by $ 36,700.
• The main resistance levels are $ 37,750, $ 38,000, and $ 38,500.