Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone.
- Bitcoin is again facing heavy resistance near the $38,500 zone.
- The price is trading above $37,500 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is struggling to clear the $38,500 resistance and correcting gains.
Bitcoin Price Extends Decline
Bitcoin price revisited the $36,720 support zone. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level.
Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance.Bitcoin is now trading above $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 resistance might start a strong increase.