Bitcoin Price on the Rise
After a decline, Bitcoin’s price found support around $35,500, and the upward trend began again. The price surged above $36,500 and $37,000 resistance levels, showing a positive sign for the cryptocurrency.
The price also crossed the 50% Fib retracement level, indicating a bullish momentum. It is currently trading positively above $36,700 and the 100 hourly Simple Moving Average. Additionally, a bullish trend line has formed with support near $36,720 on the hourly chart of the BTC/USD pair.
The immediate resistance for Bitcoin is around $37,350 and $37,800. If it successfully crosses these levels, the cryptocurrency might aim for higher targets, such as $38,000 and even $40,000 in the future.
Source: BTCUSD on TradingView.com
Will Bitcoin Face Another Rejection?
However, if Bitcoin fails to surpass the $37,350 resistance level, it could initiate a downward trend. The immediate support in this case would be near $37,000, followed by $36,700 and the established bullish trend line.
If the price drops below $36,700, it might decline further toward the $35,950 support level. The critical levels to watch for are $35,500 and $35,518.
Technical indicators suggest that the MACD is losing pace in the bullish zone, while the RSI is above the 50 level. This means that the cryptocurrency might endure some bearish pressure before attempting to rise again.
Major Support Levels – $37,000, followed by $36,700.
Major Resistance Levels – $37,350, $37,800, and $38,000.
Hot Take: Bitcoin Vulnerable to a Pullback
Despite the current bullish trend, Bitcoin might face challenges in surpassing the $37,350 resistance level. This could result in a decline, making it vulnerable to testing the support levels at $37,000, $36,700, and even potentially $35,500 in the near term.
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