Bitcoin has retraced back under the $37,000 support area after the top cryptocurrency once again failed to make traction above trendline resistance close to the $40,500 level. The BTCUSD pair could start to retrace back towards the $35,000 price area if weakness under the $37,000 level persists. Traders that are bullish towards the BTCUSD pair may look to buy close to the $35,000 level in expectation of a recovery towards $40,000.
The BTCUSD pair is only bullish while trading above the $37,000 level, key resistance is found at the $40,500 and the $43,000 levels.
If the BTCUSD pair trades below the $37,000 level, sellers may test the $34,000 and $33,000 levels.
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