Bitcoin (BTC) Price Regains Momentum Over $37,000
If you’ve been following Bitcoin’s price movements, you’d be pleased to know that the digital currency has started a fresh increase and has climbed over the $37,000 zone. As of now, the price is trading over $37,000 and the 100 hourly Simple Moving Average, indicating positive momentum.
A major positive trend trend line is forming with support near $36,950 on the hourly chart of the BTC/USD pair, according to data feed from Kraken. This signals a potentially positive trend trend, suggesting that the pair could gain momentum once it clears the $37,800 and $38,000 resistance levels.
Bitcoin (BTC) price has remained stable and started a fresh increase over the $36,000 level. Bitcoin climbed over the $37,000 level and moved into a positive zone to avoid further downside dangers. The upward momentum was strong enough to clear the $37,350 level, with a high being formed near $37,777.
The next key resistance may be near $38,800, with a clear move over that resistance potentially sending the price further higher toward the $39,200 and $40,000 levels. Nonetheless, if Bitcoin (BTC) fails to rise over the $37,800 resistance zone, it might start a downside correction, potentially dropping toward the $36,780 and $36,200 support levels in the near term. Technical analysis indicates that the MACD is losing pace in the positive trend zone, but the RSI for BTC/USD is over the 50 level.
Hot Take: Bitcoin (BTC) Shows Resilience Amidst Market Volatility
Regardless of recent market volatility, Bitcoin (BTC) has demonstrated resilience by regaining momentum and moving over the $37,000 barrier. The cryptocurrency’s capacity to maintain this positive trend and potentially break through key resistance levels indicates a whole lot of positive trend sentiment between investors. Although while there could be technical indicators suggesting a probable downside correction, the overall outlook for Bitcoin (BTC) remains relatively positive, especially if it can clear the $38,000 resistance level. This could signal another strong increase, pushing Bitcoin towards the $40,000 and $41,200 levels. With the cryptocurrency market continually evolving, Bitcoin (BTC) continues to show its position as a formidable player in the digital currency space.
Source: BTCUSD on TradingView.com
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