Bitcoin Hits A Difficulty: Why Would BTC Resumpt Downtrend?

Bitcoin Hits A Difficulty: Why Would BTC Resumpt Downtrend?

2022-01-31 | Selina Mathew

Bitcoin Hits A Difficulty: Why Would BTC Resumpt Downtrend?

Bitcoin price has begun a new downward trend. Bitcoin's price has risen past the $37,000 barrier level. BTC has even surpassed the $38,000 barrier level and the 100 hourly simple moving average.

Nevertheless, the price was unable to break over the $38,800 barrier level. A peak was made around $38,719, as well as the price began to fall again. The price fell underneath the $38,000 support level. The bears drove the stock under the 50% Fib retracement line of the uptrend from the $35,561 flip low to the $38,719 high.

Furthermore, on the hourly chart of the BTC/USD pair, there was a breach under a significant bullish trend line with support at $37,650. The pair was trading underneath the $37,200 mark and the 100 hourly simple moving average.
It is currently trying the $36,800 support level. The stated level is close to the 61.8 percent Fib retracement level of the rising run from the swing low of $35,561 to the high of $38,719. On the positive end, the $37,400 level, as well as the 100 hourly SMA, serve as early resistance.



The initial significant barrier is located at the $38,000 level. The primary resistance is still around $38,800. A breakthrough over the $38,800 resistance level might signal the start of a persistent rising trend. The following major resistance level is approximately $40,000, over which the bulls may gain power.
More Bitcoin losses?

If bitcoin misses beginning a new uptrend over $38,000, it may continue to fall. On the negative, there is immediate support at $36,000. The first significant support is located around the $35,500 level. If the price falls underneath the $35,500 support level, it may go near the $34,000 level.

Measures of technical significance:

Hourly MACD - The MACD is presently accelerating into the negative zone.

Hourly RSI (Relative Strength Index) - The RSI for BTC/USD has fallen under 50.
Significant Support Levels begin at $36,500 and go to $35,500.
$37,400, $38,000, and $38,800 are the major resistance levels.

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