Key Points:
- Bitcoin breaches $36,000 resistance, showing strong upward potential.
- Key support at $35,800 with resistance at $37,000 on the horizon.
- Technical indicators signal bullish momentum, but watch for potential corrections.
The price of Bitcoin has successfully surpassed the $36,000 resistance level, indicating positive momentum with the potential for further gains towards the $37,500 resistance.
BTC saw a notable upturn as it moved above the $36,000 resistance zone, currently trading above that level along with the 100-hourly Simple Moving Average. On the hourly BTC/USD chart from Kraken, a significant bullish trend line is taking shape, offering support near $35,800.
As of now, Bitcoin is consolidating its recent gains, and there is a possibility of continued upward movement toward the $37,500 level.
Bitcoin’s recent price action remained robust, maintaining support above $35,000, establishing a base above $35,500, and commencing a substantial ascent. The breakthrough of the pivotal barrier at $36,000 initiated a fresh rally.
Bitcoin experienced a surge towards the $36,500 mark, reaching a high around $36,525 before entering a consolidation phase. It currently trades above the 23.6% Fibonacci retracement level, calculated from the low point at $35,100 to the peak at $36,525.
Notably, Bitcoin’s price is also above $36,000 and the 100-hourly Simple Moving Average, reinforcing the bullish sentiment. Furthermore, the presence of a key bullish trend line, coupled with support near $35,800 on the hourly chart of BTC/USD, enhances the positive outlook.
On the upside, immediate resistance is located near the $36,500 mark. Should Bitcoin break through this level, the next significant resistance point lies around $37,000, with the potential to further accelerate price gains. In this scenario, the $37,500 level becomes the target. Extended gains may propel BTC towards $38,000.
Nevertheless, in the event that Bitcoin struggles to breach the $36,500 resistance, it may initiate a downside correction. Initial support can be expected near the $36,150 level, followed by the key support zone around $35,800, where the trend line coincides. If a breach occurs below $35,800, there is a heightened risk of further declines, potentially driving the price towards the critical support level at $35,000 in the short term.
In terms of technical indicators, the hourly Moving Average Convergence Divergence (MACD) is currently in a bullish zone, indicating positive momentum. Additionally, the Relative Strength Index (RSI) for BTC/USD has surpassed the 50 level, further supporting the bullish outlook.
Key levels to monitor include major support at $36,150, followed by $35,800, while key resistance levels are observed at $36,500, $37,000, and $37,500.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
