BTC/USD Analysis: Bears Aggressively Defending 37,500 Level


The cryptocurrency market continues to be dominated by expectations for SEC approval of Bitcoin ETFs. A decision is expected by January 10. Although expectations alone do not seem to be enough at the moment to overcome the resistance level of 37,500, which became obvious this week.

The BTC/USD chart today shows that the bulls attacked the level 4 times.

At the same time, attempts 1-2-3 indicate a gradual weakening of the impulse.

Attempt number 4 had new fuel, as the growth rate was impressive. Moreover, the bulls even managed to overcome the level of 37,500. However, as the chart shows, not for long. The bears successfully coped with the attack and not only prevented the price from consolidating above 37,500, but also pushed it back to the lines from which the attack began.

Moreover, attempt number 4 brought an update to the maximum of the year, but the form in which it was made raises concerns. Because short-term exceeding top 1 is a bull trap.

According to the latest data, the price of bitcoin fluctuates around the median line of the ascending channel, which serves as support on Friday morning. However, if the bears, against the backdrop of the inability of the bulls to overcome resistance, take the initiative, then the price may roll back to the lower border of the parallel channel.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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