Bitcoin Faces Rejection, Why BTC is Vulnerable Below $37K

 2022-02-24 08:23:37

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Bitcoin failed to clear the $39,500 resistance zone. There was a sharp decline below the $38,500 level and the 100 hourly simple moving average.

 

Besides, there was a break below a key rising channel with support near $38,250 on the hourly chart of the BTC/USDT pair. Bitcoin price traded below $36,000 and a low is formed near $34,332.

 

It is now consolidating losses and facing resistance near the $35,870 level. The next key resistance is near the $36,500 level. A clear move above the $36,500 resistance could send the price to $37,000. To gain bullish momentum, the price must settle above the $38,000 level.

 

If bitcoin fails to start a recovery wave above the $37,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $34,600 zone. The next major support is seen near the $34,300 level. If there is a downside break below the $34,300 support zone, the price might gain bearish momentum towards $33,000.

 

Technical indicators:

Hourly MACD – The MACD is now slowing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is below the 50 level.

Major Support Levels – $34,600, followed by $34,300.

Major Resistance Levels – $36,500, $37,000 and $38,000.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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