Bitcoin price attempted an upside break above the $38,800 and $39,000 resistance levels.
The bears even pushed the price below the $38,000 level and there was a close below the 100 hourly simple moving average.
A low is formed near $37,507 and the price is now correcting losses.
The trend line is near the 50% Fib retracement level of the recent decline from the $39,169 swing high to $37,507 low.
The next key resistance could be near the $38,800 zone.
If bitcoin fails to clear the $38,350 resistance zone, it could continue to move down.
A downside break below the $37,550 support and the recent low might trigger sharp losses.
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