Bitcoin Price Holds Key Support

Bitcoin price made another attempt to clear the $37,500 resistance. However, BTC failed to continue higher toward the $38,000 resistance. A high was formed near $37,423 and the price started a downside correction.

There was a move below the $37,000 pivot level. The price declined below the $36,500 level but stayed above $36,000. A low is formed near $36,183 and the price is now rising. There was a move above the $36,450 level. The price is trading above the 23.6% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low.

Bitcoin is now trading below $37,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $36,600 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $36,600 level. The next key resistance could be near $36,800 or the 50% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low.