Bitcoin Price Regains Momentum Above $37,000
If you’ve been following Bitcoin’s price movements, you’d be pleased to know that the cryptocurrency has started a fresh increase and has climbed above the $37,000 zone. Currently, the price is trading above $37,000 and the 100 hourly Simple Moving Average, indicating positive momentum.
A major bullish 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 bullish trend, suggesting that the pair could gain momentum once it clears the $37,800 and $38,000 resistance levels.
Bitcoin price has remained stable and started a fresh increase above the $36,000 level. BTC climbed above the $37,000 level and moved into a positive zone to avoid further downside risks. The upward momentum was strong enough to clear the $37,350 level, with a high being formed near $37,777.
The next key resistance could be near $38,800, with a clear move above that resistance potentially sending the price further higher toward the $39,200 and $40,000 levels. However, if Bitcoin fails to rise above the $37,800 resistance zone, it could 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 bullish zone, but the RSI for BTC/USD is above the 50 level.
Hot Take: Bitcoin Shows Resilience Amidst Market Volatility
Despite recent market volatility, Bitcoin has demonstrated resilience by regaining momentum and moving above the $37,000 barrier. The cryptocurrency’s ability to sustain this positive trend and potentially break through key resistance levels indicates a significant bullish sentiment among investors. While there may be technical indicators suggesting a potential downside correction, the overall outlook for Bitcoin remains relatively positive, especially if it can clear the $38,000 resistance level. This could signal another strong increase, pushing BTC towards the $40,000 and $41,200 levels. With the crypto market continually evolving, Bitcoin continues to show its position as a formidable player in the digital currency space.
Source: BTCUSD on TradingView.com
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