After dramatic fluctuations, the price of Bitcoin still managed to calm down a bit and spend the weekend in a fairly narrow range. On Friday, the price of Bitcoin returned above $37000 and traded in the range of $37000-38350 over the weekend. As the BTC price rises and recovers, the Bitcoin Fear and Greed Index has dropped from “extreme fear” to “fear” levels.
The new week has started in the red zone. The price of Bitcoin is declining again. At the time of publication, Bitcoin is struggling for the mark of 37000. On the hourly chart, the BTC/USD pair has fallen back below the 100 hourly moving average. However, we see the formation of an uptrend line that provides support for the pair around 36700. The key support level is still in the area of 36000. If the bears continue today’s decline and break down the key support level, we will see further decline of the pair to the area of 35500.
On the other hand, if the bulls manage to keep the price above 37000, we will see a new attempt to return above 38000 and gain a foothold there. If the bulls manage to do this, the pair will rise to the area of the recent resistance level of 38400. A break above this level may start a steady upward movement.
On the daily chart, the BTC/USD pair continues to trade within the descending price channel, which has been forming since November last year. To start a sustainable growth, the BTC/USD pair should rise above 38800 and gain a foothold there.
