BTC/USD couldn’t break the resistance level of $38,000 with the current consolidation pattern once again as it fails to close above the 9-day moving average.
The Bitcoin price is consolidating below the 9-day and 21-day moving averages; however, this is looking less and less likely with each failed breakout attempt as the technical indicator Relative Strength Index moves below the 40-level.
Looking at the 4-hour chart, BTC/USD may need to recover above $38,000 and move towards the upper boundary of the channel to mitigate the short-term bearish pressure in other to hit the nearest resistance level of $39,000.
On the contrary, the nearest support may come at $37,000 and a sustainable move lower will increase the downside pressure and push the price towards $36,000 and $35,000 support levels.