Bitcoin

Bitcoin Trims Gains, What Could Trigger Fresh Drop To $35K

Bitcoin price started a fresh decline after it failed to stay above $40,000 against the US Dollar. BTC is moving lower and it could even decline towards $35,000 in the near term.

Bitcoin started a fresh decline from well above the $40,000 pivot level.
The price is now trading well below $39,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue lower if it fails to stay above the $37,200 support zone.

Bitcoin Price Extends Decline
Bitcoin failed to stay above the key $40,000 support zone and started a fresh decline. BTC broke the $39,500 and $38,500 support levels to move into a short-term bearish zone.
The price traded below the 50% Fib retracement level of the upward move from the $34,822 swing low to $41,380 swing high. It is now trading well below $39,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair.
An immediate support on the downside is near the $37,200 level. It is near the 61.8% Fib retracement level of the upward move from the $34,822 swing low to $41,380 swing high.

Source: BTCUSD on TradingView.com
If there is a downside break below the $37,200 support, the price may even struggle to stay above the $36,500 support. Any more losses could open the doors for a move towards the $35,000 support zone in the near term.
Fresh Increase in BTC?
If bitcoin stays above the $37,200 support, it could start a fresh increase. An initial resistance on the upside is near the $38,200 level.
The first major resistance is near the $38,500 level and the bearish trend line. A successful break above the trend line could lead the price towards the $39,500 resistance zone and the 100 hourly SMA. A close above the 100 hourly SMA is must for a fresh increase above the $40,000 resistance zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $37,200, followed by $36,500.
Major Resistance Levels – $38,200, $38,500 and $40,000.

bitcoin
Bitcoin (BTC) $ 65,589.57
ethereum
Ethereum (ETH) $ 3,520.03
tether
Tether (USDT) $ 0.998426
bnb
BNB (BNB) $ 597.66
solana
Solana (SOL) $ 143.26
staked-ether
Lido Staked Ether (STETH) $ 3,520.66
usd-coin
USDC (USDC) $ 0.999593
xrp
XRP (XRP) $ 0.500862
dogecoin
Dogecoin (DOGE) $ 0.134096
the-open-network
Toncoin (TON) $ 7.77
cardano
Cardano (ADA) $ 0.403404
shiba-inu
Shiba Inu (SHIB) $ 0.000020
avalanche-2
Avalanche (AVAX) $ 28.61
tron
TRON (TRX) $ 0.116657
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,613.58
polkadot
Polkadot (DOT) $ 6.18
chainlink
Chainlink (LINK) $ 14.27
uniswap
Uniswap (UNI) $ 10.90
bitcoin-cash
Bitcoin Cash (BCH) $ 413.89
litecoin
Litecoin (LTC) $ 77.21
near
NEAR Protocol (NEAR) $ 5.28
matic-network
Polygon (MATIC) $ 0.597198
wrapped-eeth
Wrapped eETH (WEETH) $ 3,662.64
leo-token
LEO Token (LEO) $ 5.72
dai
Dai (DAI) $ 0.997912
pepe
Pepe (PEPE) $ 0.000011
internet-computer
Internet Computer (ICP) $ 8.88
kaspa
Kaspa (KAS) $ 0.152728
ethereum-classic
Ethereum Classic (ETC) $ 24.27
ethena-usde
Ethena USDe (USDE) $ 1.00
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,514.76
aptos
Aptos (APT) $ 7.52
fetch-ai
Fetch.ai (FET) $ 1.28
monero
Monero (XMR) $ 174.49
render-token
Render (RNDR) $ 7.73
hedera-hashgraph
Hedera (HBAR) $ 0.081814
filecoin
Filecoin (FIL) $ 5.05
stellar
Stellar (XLM) $ 0.097133
mantle
Mantle (MNT) $ 0.855814
cosmos
Cosmos Hub (ATOM) $ 7.07
okb
OKB (OKB) $ 45.18
blockstack
Stacks (STX) $ 1.77
crypto-com-chain
Cronos (CRO) $ 0.095895
first-digital-usd
First Digital USD (FDUSD) $ 0.998191
arbitrum
Arbitrum (ARB) $ 0.875512
immutable-x
Immutable (IMX) $ 1.57
dogwifcoin
dogwifhat (WIF) $ 2.36
injective-protocol
Injective (INJ) $ 22.86
maker
Maker (MKR) $ 2,348.11
sui
Sui (SUI) $ 0.896951