BTC Corrected From $40K But $35K Could Protect From More Losses

BTC corrected from $40K price level overnight and the coin traded below the $38,000 but it is likely to find support close to the $35,000 level as we can see in our latest Bitcoin news.

BTC extended its rally above the $38,000 and the $40,000 resistance levels with the price going on a downtrend correction from an all-time high of $40,000 but it is still well above the 100 hourly simple moving average and a break below a key bullish trend line with the support of $37,500 on the hourly charts of the pair. The BTC/USD pair could find a strong buying interest close to the $6,500 and the $35,200 levels.

There was a strong upwards move at the BTC price above the $37,000 resistance and the coin broke the $38,000 and the $39,500 resistance level with a spike above the $40,000 level. The price then traded to a new all-time high and settled well above the 100 hourly simple moving average with a downside correction and even traded above the $38,000 level. There was a break below the 23.
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6% Fib retracement level from the upwards level of $30,000 swing low to the $40,365 swing high.

BTC corrected from $40K level with a break below the key bullish trend line with the support of $37,500 on the hourly charts of the pair. Now, the pair is consolidating near the $37,000 level with the next major support being near the $36,500 level and the broken trend line could act as a short-term resistance close to the $37,800. To start a new increase, the price has to settle above the $38,000 level with the next key resistance being here above which the price could revisit the $40,000 level.

If BTC fails to clear the $38,000 levels it could start another downtrend move with the initial support on the downside nearing the $36,600 and the $36,500 levels. The main support seems to be forming close to the $35,200 level and It is close to the 50% fib retracement level of the upwards move at the $30,000 swing low to the $40,365 swing high. The hourly MACD is gaining momentum in the bearish zone with the RSI for the pair dipping below the 50 levels. The major support levels include $36,500 while the major resistance level is set at $38,000.