Bitcoin price corrected lower from the $38,000 resistance zone against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh increase in the near term.
Bitcoin is holding a couple of important supports near the $36,000 zone. The price is currently trading nicely above $36,000 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if it breaks the $37,000 resistance zone. Bitcoin Price Remains Supported
Bitcoin gained pace above the $35,500 resistance and extended its upward move. BTC even broke the $37,000 resistance level and the 100 hourly simple moving average.
However, the bulls struggled to clear the $38,000 resistance zone. A high was formed near $37,900 and the price recently corrected lower. There was a break below the $37,000 support level. Bitcoin