Bitcoin Price Continues to Rise
If you have been following the price of Bitcoin, you will know that it has experienced a strong increase above the $37,200 resistance zone. Currently, the price is trading above $36,200 and the 100 hourly Simple moving average. Additionally, there is a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair.
Bitcoin Price Remains Strong
The recent surge in Bitcoin’s price has taken it above the $36,500 resistance zone and led to a clear move above the $37,200 resistance zone. The cryptocurrency rallied over 5% and formed a new multi-week high near $37,971 before experiencing a downside correction.
Bitcoin is now trading above $36,200 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair. The pair is consolidating gains and might continue to rise toward $38,000.
Source: BTCUSD on TradingView.com
Buy Dips In BTC?
If Bitcoin fails to rise above the $37,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,500 level. The next major support is near the $36,200 zone or the trend line.
If there is a move below $36,200, there is a risk of more downsides. In that case, the price could drop toward the key support at $35,500 in the near term.
Technical Indicators
It’s important to keep an eye on technical indicators such as the hourly MACD and RSI for BTC/USD. The MACD is now gaining pace in the bullish zone while the RSI for BTC/USD is now above the 50 level.
Major Support Levels – $36,500, followed by $36,200.
Major Resistance Levels – $37,000, $37,300, and $38,000.
Hot Take: Bitcoin’s Potential Future Movement
The recent surge in Bitcoin’s price has shown its potential for future movement towards higher levels. However, if it fails to maintain its current position and breaks below key support levels like $36,200 or even lower at $35,500 in the short term, it could indicate further downward movement. Keep an eye on these levels as they will provide insight into potential future trends for Bitcoin’s price movements.
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