Bitcoin Shows Strength with Resistance Test
If you are keeping an eye on Bitcoin, you will see that it is displaying positive signs during its latest trading activities. It is currently testing the $37,750 resistance and trading above $37,000 and the 100 hourly Simple moving average. The bullish trendline started when this virtual currency broke the major bearish trend line with resistance at $37,150.
Bitcoin Price Makes a Comeback
Following reports on Binance’s settlement and CZ stepping down, the Bitcoin price dropped below $37,000. Fortunately, the bulls managed to keep the price near $35,650. After that, the price climbed back, tested the key hurdle at $37,750, and even broke the $37,500 level. It is now trading above $37,000 and the 100 hourly Simple moving average and may continue to rise if it surpasses the $38,000 resistance zone.
Source: BTCUSD on TradingView.com
Possible Setback for BTC
However, if Bitcoin fails to rise above the $37,750 resistance, it might initiate a downward trend, with initial support near $37,150. Should the price decrease, the first major support level is at $36,700, followed by $35,650. Keep in mind that technical indicators are essential for tracking this virtual currency, as they provide crucial information about market trends and potential price movements.
Hot Take: Bitcoin’s Upward Movement Hangs in the Balance
Bitcoin is in a critical position as its price hovers near the significant resistance at $37,750. A successful breakthrough could lead to a surge in value. However, failure to surpass this resistance may lead to a downward trend with possible support levels at $36,700 and $35,650.
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