Bitcoin (BTC/USD) Suffers Initial Rejection at $38,000

BTC/USD Suffers Rejection on first contact with the $38,000 resistance

Bitcoin (BTC/USD) suffers initial rejection upon coming into contact with the $38,000 resistance level. The cryptocurrency has witnessed an incredible price increase over the past four weeks, beginning in mid-October. The coin was able to bypass the different key levels in different ways, either sharply or gently, to reach the $38,000 resistance level.

BTCUSD Key Levels
Supply Levels: $38,000, $42,570, $46,000
Demand Levels: $35,000, $33,700, $28,000

At $38,000, Bitcoin has hit another significant level that is proving impervious. The coin has been swiftly rejected on the first try. Nevertheless, the market is still predominantly bullish. As a result, the market is sliding downward toward $35,000 to find a level from which it can rebound.

At present, the crypto has pulled back to the 38.20% Fibonacci level, where there are now early signs of rebounding, but the market could still drop even lower to the 50% level, after which another pump towards the $38,000 is expected. The MACD (Moving Average Convergence Divergence) lines have risen highly above the zero level to show bullish strength.

BTC/USD Market Expectations

On the 4-hour timeframe, the price is undulating above that 38.20% Fibonacci level and looks set for another assault at the resistance level. The MACD lines have dipped towards the zero level due to the rejection at the resistance level but are expected to rise again.

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