Bitcoin Turns Red, Here’s Why BTC Could Resume Its Decline

Bitcoin price started a fresh decline after it failed to clear $38,000 against the US Dollar. BTC is now struggling below $36,500 and it remains at a risk of more losses.

Bitcoin started a fresh decline from well above the $38,000 support level.
The price is now trading well below $37,000 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue lower if it fails to clear the $36,200 and $36,500 resistance levels.

Bitcoin Price Faces Resistance
Bitcoin failed to continue higher above the $38,000 resistance and started a fresh decline. BTC broke the $36,500 and $35,500 support levels to move into a bearish zone.
The price even broke the $34,000 support level and settled well below the 100 hourly simple moving average. It traded as low as $33,373 and it recently started an upside correction. Bitcoin was able to recover above the $34,000 and $35,000 resistance levels.
There was also a break above the 50% Fib retracement level of the recent decline from the $36,463 swing high to $33,373 low. However, the price is facing a major resistance near the $36,000 zone.

Source: BTCUSD on
It is still trading well below $37,000 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the recent decline from the $36,463 swing high to $33,373 low is currently acting as a resistance. Besides, there is a crucial bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair.
To move into a positive zone, the price must clear the trend line resistance, $36,500 and the 100 hourly SMA. The next major resistance on the upside sits at $38,000.
More Losses in BTC?
If bitcoin fails to clear the trend line resistance and $36,500, it could continue to move down. An immediate support on the downside is near the $35,000 level.
The next major support is near the $34,000 level. A downside break below $34,000 could push the price to $33,000. Any more losses could open the doors for a move towards the $32,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to stay above the 50 level.
Major Support Levels – $35,000, followed by $34,000.
Major Resistance Levels – $36,200, $36,500 and $38,000.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Rollups: Enhancing Scalability for Ethereum and Other Blockchains

In recent years, blockchain technology has gained significant attention for its potential to revolutionize various industries. However, as the adoption of blockchain applications continues...

EHP Technology Is Scientifically Proven By Globally Renowned Institutions

Every new technological development or creation can only gain mainstream traction if it has been verified by relevant authorities to do what it claims...

Securing DeFi Infrastructure: Key Considerations for Developers

With the rapid rise of decentralized finance (DeFi), it has become crucial for developers to prioritize the security of DeFi infrastructure. DeFi offers a...

Environmental Impact of NFTs and its Security Implications

In recent years, Non-Fungible Tokens (NFTs) have gained immense popularity in the world of art, collectibles, and digital assets. However, along with their rise...

Centralized Exchanges (CEX) vs. Decentralized Exchanges (DEX)

Cryptocurrency exchanges play a vital role in the world of digital assets, facilitating the buying, selling, and trading of various cryptocurrencies. When it comes...

Enhancing Transparency and Trust with Smart Contracts

In today's digital age, where trust and transparency are crucial elements for successful business transactions, smart contracts have emerged as a groundbreaking solution. With...

Tune.FM’s New Music NFT Marketplace Will Disrupt the Music Industry

MIAMI, FL, May 04, 2023 - Tune.FM, the groundbreaking web3 decentralized music streaming platform and music NFT marketplace, announces the launch of its music...

Liquidity Pools: Boosting DeFi Growth and Adoption

Decentralized finance (DeFi) has taken the financial world by storm in recent years, and one of its key features is liquidity pools. Liquidity pools...