TA: Bitcoin Consolidates Above $37.5K, Why BTC Could Nosedive

Bitcoin is trading in a bearish zone below $39,000 against the US Dollar. BTC could accelerate lower if it continues to struggle below $39,500. Bitcoin is showing bearish signs below the $40,000 and $39,000 levels. The price is trading below $39,500 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $38,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might accelerate lower unless the bulls able to push the price above $39,550. Bitcoin Price Keeps Struggling Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC attempted a recovery wave from the $38,500 zone, but the price stayed below the$39,550 resistance. Recently, the price saw a fresh decline from the $39,550 resistance zone and the 100 hourly simple moving average. There was a clear move below the $38,800 and $38,500 support levels. The decline extended below the $38,000 support zone. A low is formed near $37,625 and the price is now consolidating losses. Bitcoin is slowly moving higher and trading above the 23.6% Fib retracement level of the recent decline from the $39,499 swing high to $37,625 low. The first major resistance on the upside is near the $38,550 zone. There is also a crucial bearish trend line forming with resistance near $38,550 on the hourly chart of the BTC/USD pair. The trend line coincides with the 50% Fib retracement level of the recent decli...