Bitcoin (BTC) Retests $37,000 Mark

It was noted that the cryptocurrency giant Bitcoin (BTC) experienced resistance at the level of $38,200. According to technical analysis by NewsBTC's Aayush Jindal, there is no risk of further declines unless there is a move above the $39,000 resistance.

Bitcoin showed an upside break above the $38,800 and $39,000 resistance levels. However, after its efforts to break the $39,000 resistance zone, it started to decline. A high was formed near $39,170 and it started a fresh decline in price. The price dropped sharply below the $38,800 and $38,500 thresholds. Price dropped below $38,000 and closed below the 100 hourly simple moving average. A bottom was formed at $37,507 in BTC, with a move above the 23.6% Fib retracement level of the recent drop from the $39,169 high to $37,507 low. BTC broke resistance near the $38,350 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $38,350 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the decline from the $39,169 high to $37,507 low.

Will Bitcoin's Price Continue to Fall?

If Bitcoin fails to break through the $38,350 resistance zone, according to NewsBTC's Aayush Jindal, it may continue to drop. Near the $37,550 level, the next big support can be seen. A break below the $37,550 support level and the recent low might result in significant losses. The next significant support level is $36,500, below which the price could fall as low as $35,000.