TA: Bitcoin Remains In Range, Here’s What Could Trigger A Strong Move

Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500.

Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels.
The price is currently trading near $38,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA.

Bitcoin Price is Facing Key Hurdles
Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500.
The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average.
There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000.

Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term.
More Losses in BTC?
If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level.
The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $37,000, followed by $36,000.
Major Resistance Levels – $39,500, $40,000 and $40,500.

bitcoin
Bitcoin (BTC) $ 26,794.18
ethereum
Ethereum (ETH) $ 1,870.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 300.93
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.534896
staked-ether
Lido Staked Ether (STETH) $ 1,868.64
cardano
Cardano (ADA) $ 0.374387
dogecoin
Dogecoin (DOGE) $ 0.071893
solana
Solana (SOL) $ 21.64
matic-network
Polygon (MATIC) $ 0.889618
tron
TRON (TRX) $ 0.081630
litecoin
Litecoin (LTC) $ 92.88
polkadot
Polkadot (DOT) $ 5.31
binance-usd
Binance USD (BUSD) $ 1.00
avalanche-2
Avalanche (AVAX) $ 14.84
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,845.19
uniswap
Uniswap (UNI) $ 4.98
leo-token
LEO Token (LEO) $ 3.61
chainlink
Chainlink (LINK) $ 6.38
cosmos
Cosmos Hub (ATOM) $ 10.62
okb
OKB (OKB) $ 45.38
monero
Monero (XMR) $ 146.04
the-open-network
Toncoin (TON) $ 1.73
ethereum-classic
Ethereum Classic (ETC) $ 18.01
stellar
Stellar (XLM) $ 0.091512
bitcoin-cash
Bitcoin Cash (BCH) $ 113.81
internet-computer
Internet Computer (ICP) $ 4.72
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.31
filecoin
Filecoin (FIL) $ 4.63
aptos
Aptos (APT) $ 8.78
quant-network
Quant (QNT) $ 114.59
hedera-hashgraph
Hedera (HBAR) $ 0.050413
crypto-com-chain
Cronos (CRO) $ 0.060743
near
NEAR Protocol (NEAR) $ 1.64
arbitrum
Arbitrum (ARB) $ 1.18
vechain
VeChain (VET) $ 0.019540
apecoin
ApeCoin (APE) $ 3.23
the-sandbox
The Sandbox (SAND) $ 0.613442
the-graph
The Graph (GRT) $ 0.123386
algorand
Algorand (ALGO) $ 0.150024
paxos-standard
Pax Dollar (USDP) $ 1.00
eos
EOS (EOS) $ 0.909036
frax
Frax (FRAX) $ 0.999110
render-token
Render (RNDR) $ 2.70
elrond-erd-2
MultiversX (EGLD) $ 37.64
rocket-pool
Rocket Pool (RPL) $ 49.07