Is Bitcoin About to Lose a Key Support Area, and Is $37K on the Way? (Analysis of the Bitcoin Price) The bullish crossover of the 50-day and 100-day moving average lines occurred last week, but Bitcoin failed to maintain its bullish momentum and underwent a market shakeout. Later in the week, the price rallied and attempted to break above the moving average lines again, but was swiftly rejected and fell below $40,000. The next significant support level for BTC is $36K-$37K; if this level fails to hold, the price will most certainly drop to the $30K demand zone. Furthermore, the RSI indicator is currently below 50 points, as well as the long-term resistance trendline, indicating that the bears have retaken control of the market. To achieve higher values, Bitcoin's RSI must break through the declining trendline. The bullish side's 50-day and 100-day moving average lines are the next key resistance levels. The Chart for 4 Hours In the lower timeframes, the $42K support ...