Bitcoin Faces Rejection, Why BTC is Vulnerable Below $38K

The price of Bitcoin has started a reversal above the 38,000 resistance. BTC was able to clear $ 38,500 resistance and simple moving average in 100 hours.

However, prices have struggled to gain strength above the $ 39,000 level. It was even in a good position below the $ 40,000 resistance zone. A high was formed around $ 39,250 and the price started a new fall. There was a sharp fall below the $ 38,500 level and the simple moving average in 100 hours.

Also, the hourly chart of the BTC / USD pair had a break below a key rising channel with support near $ 38,250. Bitcoin traded below $ 37,000 and made a low of around, 36,673.

It is now accumulating losses and is facing resistance near the 37,280 level. The mentioned resistance is 23 36,673 lower than the ??? 39,250 swing high near the 23.6% Fib retracement level of the recent fall. The next key resistance is near the 38,000 level.