Bitcoin has retraced back towards the $37,000 support area after the top cryptocurrency failed to make traction above the $40,000 level. BTCUSD bulls need to defend the $37,000 level to avoid a further price drop back towards the $35,000 support zone. If bulls can defend the $37,000 support level then the BTCUSD pair could start to rally towards the technically important $43,000 level.
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 $35,000 and $34,000 levels.
