Bitcoin price shows bearish signs Last week, the BTC price | DeFi Check

Bitcoin price shows bearish signs

Last week, the BTC price began a recovery above the $35,000 level against the U.S. dollar.

However, the price failed to consolidate above the 40,000 USD level and it remained well below the simple moving average of 100 (4 hours). A high was formed around 40,971 USD and the price began a new decline. There was a break below the 38,000 USD support level.

Bitcoin traded below the 50% Fibonacci retracement level of the uptrend from the low of USD 31,296 to the high of USD 40,971. Also, a major bearish trend line with resistance around $37,500 is forming on the 4-hour chart of the BTC / USD pair.

Now the pair is testing the 76.4% Fibonacci retracement level of the upward movement from a swing low of $31,296 to a high of $40,971