Bitcoin Price Awaits Breakout: Struggling Below $37,000 Amidst Key Support Hold

• Bitcoin price remains steady near $36,000 support, facing resistance around the $37,000 level.
• Technical analysis highlights key resistance at $36,800 and $37,000, signaling potential bullish momentum or a further decline.

Bitcoin’s price action exhibits consolidation below the $37,000 region, striving to secure bullish momentum, contingent on breaking the $36,800 and $37,000 resistance thresholds. The cryptocurrency has maintained its position above the crucial $36,000 support, indicating an impasse between buyers and sellers.

Bitcoin initiated an upward move, aiming to surpass the $37,500 resistance level, yet struggled to sustain upward momentum beyond $37,423. Subsequently, a downside correction ensued, pushing the price below $37,000, though holding above $36,000.

While the recent decline saw BTC dropping to $36,183, a subsequent rise has positioned it above the 23.6% Fib retracement level. However, Bitcoin is currently trading below $37,000 and the 100 hourly Simple Moving Average (SMA). Notably, a crucial bearish trend line forms resistance near $36,600 on the BTC/USD hourly chart.

The immediate resistance lies at $36,600, with subsequent key barriers at $36,800 and the 50% Fib retracement level of the recent drop. A successful breach above $37,000 could potentially trigger further bullish momentum, paving the way for an ascent toward $37,500 and even $38,000.

Potential Downside Movement

Should Bitcoin struggle to surpass the $36,800 resistance, a downward trend might prevail. Immediate support is envisaged near $36,180, followed by a critical level at $36,000. A plunge below $36,000 might prompt further declines, targeting the key support level at $35,500.

The hourly MACD (Moving Average Convergence Divergence) hints at gaining pace in the bullish zone, whereas the hourly RSI (Relative Strength Index) for BTC/USD hovers below the 50 level, indicating a cautious market sentiment.

As BTC faces pivotal resistance and support levels, its price remains at a crossroads, with a potential breakout hinging upon overcoming critical barriers or succumbing to downward pressure in the immediate future.