The end of the week turned out to be extremely unfortunate for the cryptocurrency market. Friday and weekend passed in red for the market. If during the week Bitcoin was struggling to stay above $38000, then over the weekend, Bitcoin was already fighting to stay above $35000. However, he lost. Today, the price of Bitcoin started a new decline. At the time of publication, Bitcoin is already trading below $34000. Thus, Bitcoin almost reached the July lows of last year.
On the price chart, the BTC/USD pair is trading below the 100-hour moving average. It broke down all support levels. In the current situation, the BTC/USD pair can stop the fall in the area of the July lows of last year, that is, in the area of 32000-31800. Since the bulls failed to keep the price of Bitcoin above the 34000 support level, this scenario seems to be the most likely. They may try to stop the BTC/USD pair around 32500, but this will be an intermediate level, which will only slightly delay the decline in the price of Bitcoin.
On the other hand, on the hourly chart, we see an attempt by the BTC/USD pair to rise to the 38000 area, as evidenced by the long shadow of the hourly candle. However, this attempt was unsuccessful. Now the bulls have the main goal – to return the price of Bitcoin above $34000. If they succeed, they will try to get the price back above $35000. Overcoming the resistance level of 36800 will allow us to talk about a return to the level of 38000.