Bitcoin Price Surges
If you’ve been keeping an eye on Bitcoin, you may have noticed that it has remained strong above the $35,000 support zone. The cryptocurrency formed a base above $35,500 and has now begun to surge upward, breaking through the crucial barrier at $36,000 to initiate a new rally.
During this surge, Bitcoin spiked toward the $36,500 level and then consolidated its gains. It is currently trading above the 23.6% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high. In addition, it is also trading above $36,000 and the 100 hourly Simple moving average.
On the hourly chart of the BTC/USD pair, there is a key bullish trend line forming with support near $35,800. This trend line aligns with the 50% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.
Source: BTCUSD on TradingView.com
Potential for Downside Correction
If Bitcoin fails to push past the $36,500 resistance zone, it could see a downside correction. Immediate support on the downside can be found near the $36,150 level, followed by a major support at around $35,800 or at the aforementioned trend line.
If there is a move below $35,800, there is a risk of further downsides with a potential decline toward the key support at $35,000 in the near term.
Technical Indicators
The hourly MACD is gaining pace in the bullish zone while the RSI for BTC/USD is now above the 50 level.
Major Support Levels β $36,150, followed by $35,800.
Major Resistance Levels β $36,500, $37,000, and $37,500.
Hot Take: Bitcoin Continues to Rally
The recent surge in Bitcoin’s price suggests that it may continue to climb higher in the coming days. With strong support levels in place and technical indicators pointing towards a bullish trend, Bitcoin could potentially test resistance levels at $37,000 and even reach towards $38,000 in its upward trajectory.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.
