Here’s Why BTC Could Struggle To Surpass $37K

Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. BTC is likely to face a strong selling interest near $37,000 and $38,000.

Bitcoin extended its decline and it even traded close to the $30,000 support.
The price is now well below the $38,000 resistance and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to face a strong selling interest near the $37,000 zone and the 100 hourly SMA.

Bitcoin Price is Facing Hurdles
Bitcoin failed to stay above the $35,000 support and it extended its decline. BTC even broke the $32,000 support zone and it settled well below the 100 hourly simple moving average.
It almost tested the $30,000 support zone and a low was formed near $31,037. Recently, it started an upside correction above the $32,000 and $33,000 levels. There was a break above the 50% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.
Bitcoin is now facing resistance near the $35,800 level. It represents the 61.8% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low.

Source: BTCUSD on TradingView.com
The main resistance is now forming near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair. The 100 hourly simple moving average is also near the $37,000 resistance zone.
A clear break above the trend line resistance and the 100 hourly simple moving average could open the doors for a larger recovery towards the $40,000 level. An intermediate resistance is near the $38,000 level.
Fresh Drop in BTC?
If bitcoin fails to clear the $37,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $34,000 level.
The first major support is now forming near the $32,000 zone. A downside break below the $32,000 support could start a fresh decline towards the $30,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $34,000, followed by $32,000.
Major Resistance Levels – $35,800, $37,000 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

Football lengend David Beckham joins Greed island

On November 5th, the English football superstar David Beckham announced that he would join the Greed Island team, and the whitelist application channel has...

The NFT Project Driving Freedom of Speech in The Metaverse

"Schooling" The Metaverse On Free Speech, Tanked Gil Schoolies NFT's Use Comedy to Fight Cancel Culture With Freedom of Speech Under Attack in and around...

Potential projects to get whitelisted on Solana and Ethereum

The rapid expansion of the NFT sector over the last year has made possible a plethora of innovative new endeavors. The early identification of...

THE Ape-Revolution of the Defi Space

What do you get when you combine game-changing utility, an experienced team in Defi and a frenetic committed community? A monster coin in the...

The Sublimation of Metaverse Experience: Visualization, Multi-scene, Immersion

DID, Metaverse, Immersive Experience, On-chain Visualization, On-chain Interaction In recent years, the "metaverse" has become the new consensus of the global technology giants on the...

Funex Club Announces the Launch of its Upcoming Multi-Chain Decentralized Crypto Wallet – Funex Pro

VILNIUS, LITHUANIA / ACCESSWIRE / October 17, 2022 / After the successful launches and presale programs of its native currency, i.e., Funex Coin - Funex Club is...

NuriFlex successfully completed 1st round of NuriTopia $NBLU token private sales

VANCOUVER, British Columbia -- NuriFlex Holdings Inc. (www.nuri.ca, “NuriFlex”) announced that it has successfully completed 1st round of $NBLU token private sales. $NBLU token...

Bowled.Io To Build A Multilateral Community In Partnership With Prominent Web3 Ecosystem Players

Gaming is the fastest-growing entertainment industry in India. The number of online gamers in India has nearly doubled to 510 million from 269 million...