Bitcoin (BTC) Price on the Rise
After a decline, Bitcoin’s price found support around $35,500, and the upward trend began again. The price surged over $36,500 and $37,000 resistance levels, showing a positive sign for the cryptocurrency.
The price likewise crossed the 50% Fib retracement level, indicating a positive trend momentum. It is as of now trading positively over $36,700 and the 100 hourly Simple Moving Average. In addition, a positive trend trend line has formed with support near $36,720 on the hourly chart of the BTC/USD pair.
The immediate resistance for Bitcoin (BTC) is around $37,350 and $37,800. If it successfully crosses these levels, the digital currency might aim for higher targets, such as $38,000 and even $40,000 in the future.
Source: BTCUSD on TradingView.com
Will Bitcoin (BTC) Face Another Rejection?
Nonetheless, if Bitcoin (BTC) fails to surpass the $37,350 resistance level, it might initiate a downward trend. The immediate support in this case would be near $37,000, followed by $36,700 and the established positive trend trend line.
If the price falls below $36,700, it could decline further toward the $35,950 level of support. The critical levels to watch for are $35,500 and $35,518.
Technical indicators suggest that the MACD is losing pace in the positive trend zone, while the RSI is over the 50 level. This implies that the digital currency might endure some bearish pressure before trying 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 (BTC) Vulnerable to a Pullback
Regardless of the present positive trend trend, Bitcoin (BTC) 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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