Bitcoin price started a fresh decline after it failed to clear $38,000 against the US Dollar.
Bitcoin failed to continue higher above the $38,000 resistance and started a fresh decline.
The price even broke the $34,000 support level and settled well below the 100 hourly simple moving average.
There was also a break above the 50% Fib retracement level of the recent decline from the $36,463 swing high to $33,373 low.
The 76.4% Fib retracement level of the recent decline from the $36,463 swing high to $33,373 low is currently acting as a resistance.
To move into a positive zone, the price must clear the trend line resistance, $36,500 and the 100 hourly SMA.
If bitcoin fails to clear the trend line resistance and $36,500, it could continue to move down.
Any more losses could open the doors for a move towards the $32,000 support zone in the near term.
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