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Crypto

Bitcoin Price Regains Strength As The Bulls Aim For $40K


Bitcoin price started a fresh rise above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance.

  • Bitcoin started a further increase from the $35,500 support zone.
  • The price is trading above $36,700 and the 100 hourly simple moving average.
  • A key bullish trendline is forming with support near $36,720 on the hourly chart of the BTC/USD pair (Kraken data feed).
  • The pair could continue to advance towards $40,000 if it breaks above $37,350 and $38,000.

Bitcoin price restarts the increase

Bitcoin price found support near the $35,500 area after a steady decline. BTC bulls were active above the $35,500 level and were able to start a further increase.

There was a move above the $36,500 and $37,000 resistance levels. The price climbed above the 50% Fibonacci retracement level of the descending wave from the $37,950 high to $35,518 low. The price even exceeded $37,200.

Bitcoin is now trading above $36,700 and the 100 hourly simple moving average. There is also a key bullish trendline forming with support near $36,720 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $37,350 level. It is near the 76.4% Fibonacci retracement level of the descending wave from the $37,950 high to $35,518 low. A sharp move above the $37,350 resistance could push the price towards the $37,800 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

THE next key resistance could be near $38,000. A close above the $38,000 resistance could begin a strong move higher. The first major resistance is near $39,200, above which the price could accelerate further. In the mentioned case, it could test the $40,000 level. Any further gains could see BTC reach the $42,000 level.

Another rejection of BTC?

If Bitcoin fails to move above the $37,350 resistance zone, it could begin a further decline. Immediate downside support is near the $37,000 level.

The next major support is $36,700 and the trendline. If there is a move below $36,700, there is further downside risk. In the indicated case, the price could fall to the support of $35,950 in the near term. The next key support or target could be $35,500.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major support levels – $37,000, followed by $36,700.

Major resistance levels – $37,350, $37,800 and $38,000.



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