Big Picture: The consolidation phase has successfully moved into a ranged-bound phase during the previous several days. Bitcoin has held its lower range supports, allowing it to channel higher towards the higher levels. Furthermore, throughout the previous few weeks, even on lower-time frames, price has been managing the sequence of higher highs and higher lows, ensuring the overall bullish trend.
On the Upside a major hurdle zone exists between the levels of 37,400 to 37,600. If the price needs to climb again into the range top levels of about 38,000, this will be an essential range to cross. Price has been restrained by the level of 38,000 resistance obstacle twice, and if Bitcoin is to test the levels of 39,200 and 40,000, a stronghold above 38,000 is essential; only then is the upside likely to extend once again.
On the Downside the degree of emergency assistance is 37,200. If this supporting level is lost, the price would be dragged back down towards 36,750, with 36,500 also vulnerable. As long as price stays range-bound between 38,000 and 35,100, these intraday supports are likely to provide some valuable support. Meanwhile, 36,500 is the short-term range’s midpoint, and losing this support could intensify intraday selling pressure, dragging price farther down into 36,150 and potentially even 35,680.