Bitcoin News: In recent days, we see that the withdrawals are dominant in Bitcoin. Therefore, we can say that Bitcoin bears have landed on the field. Bitcoin failed to break the $37,000 resistance. For this reason, there was a decline in BTC. With this regression, we see that there is a risk of further declines below the $34,000 level in the flagship of the cryptocurrency world.
Bitcoin faces hurdles
It is seen that especially the $36,000 to $37,000 levels have become a major resistance in Bitcoin, and BTC is facing serious obstacles at these levels. The price is currently trading both below the $ 37,000 level and well behind the 100 hourly simple moving average.
When we look at the chart below on the hourly chart of the BTC/USD pair, we see that there is a resistance at $36,000 and there is a significant downtrend line from this resistance level.
It is stated that if the exchange rate falls below the $ 33,200 level with the support at $ 34,000, danger bells may ring for BTC and the price may fall further below the level of 30,000. On the other hand, if Bitcoin fails to break the $36,000 resistance, there is a risk of a downside break. On the downside, the first support level is located at the $34,500 band.
The first major support in Bitcoin is near the $34,000 level. If there is a break below the $34,000 support, the price could decline towards the $32,000 support zone in the coming sessions. In case of more losses, testing the $30,000 level seems inevitable in BTC.
When we look at the technical indicators, we see that the Hourly MACD is gradually gaining momentum in the bearish zone. The hourly RSI (Relative Strength Index) for BTC/USD is currently below the 50 level. In Bitcoin, where the main support levels are 34,000 and then 32,000 dollars, it is seen that the main resistance levels are 35,500, 36,000 and 37,000 dollars.
Hourly MACD – Slowly gaining momentum in the bear zone.
Hourly RSI: Below 50
Key Support Levels: $34,000 and $32,000
Key Resistance Levels: $35,000, $36,000, and $37,000