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The price of Bitcoin dropped in the last hours and now is located at 37,686 at the time of writing. After the last rally, a retreat was somehow expected as the rate could test and retest the near-term support levels and demand zones before trying to resume its growth.
The bias remains bullish in the short to medium term despite the current drop. BTC/USD is down by 1.59% in the last 24 hours but it's up by 0.51% in the last 7 days. The current drop forced the altcoins to drop as well.
The price of Bitcoin registered a false breakout with great separation above 38,421 and now it is challenging the 37,690 downside obstacle.
Technically, after escaping from the down channel, the price signaled an upside continuation. Still, only a new higher high, jumping and closing above 38,421 confirms more gains.
Dropping below 37,575 activates a deeper drop and brings new short opportunities.
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