Bitcoin price is showing positive signs above the $37,000 resistance zone. BTC seems to be eyeing an upside break above the $38,000 resistance zone.

  • Bitcoin started a fresh increase and climbed above the $37,000 zone.
  • The price is trading above $37,000 and the 100 hourly Simple moving average.
  • There is a major bullish trend line forming with support near $36,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum once it clears the $37,800 and $38,000 levels.

Bitcoin Price Extends Increase

Bitcoin price remained stable and started a fresh increase above the $36,000 level. BTC climbed above the $37,000 level to move into a positive zone and avoid more downsides.

The upward move was such that the price even cleared the $37,350 level. A high was formed near $37,777 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $36,715 swing low to the $37,777 high.

Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $36,950 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $37,800 level. The main resistance is still near the $38,000 level. A close above the $38,000 resistance might start another strong increase.

Bitcoin Price Uptrend To Continue

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,800. A clear move above the $38,800 resistance could send the price further higher toward the $39,200 level. In the stated case, it could even test the $40,000 level. Any more gains might send BTC toward the $41,200 level.

Another Downside Correction In BTC?

If Bitcoin fails to rise above the $37,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $37,120 level or the 61.8% Fib retracement level of the upward move from the $36,715 swing low to the $37,777 high.

The next major support is $37,000 and the trend line. If there is a move below $37,000, there is a risk of more downsides. In the stated case, the price could drop toward the $36,780 support in the near term. The next key support or target could be $36,200.

Technical indicators:

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

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

Major Support Levels – $37,120, followed by $37,000.

Major Resistance Levels – $37,800, $38,000, and $38,800.

One thought on “Bitcoin Price Uptrend To Continue? These Factors Could Spark Fresh Surge”
  1. Wow, awesome blog format! How long have you ever been blogging for?
    you made blogging glance easy. The full look of your site is great, as neatly
    as the content! You can see similar here najlepszy sklep

Leave a Reply

Your email address will not be published. Required fields are marked *