The price of Bitcoin ultimately broke through the resistance level of $36000. BTC shows positive signs and may continue to rise to the resistance level of $37500
The price of Bitcoin ultimately broke through the resistance level of $36000. BTC shows positive signs and may continue to rise to the resistance level of $37500.
- Bitcoin accelerates to break through the resistance zone of $36000.
- The price is trading above $36000 and the 100 hour simple moving average.
- On the hourly chart of the BTC/USD currency pair, a key bullish trend line forms support around $35800
- The currency pair is consolidating its gains and may continue to rise to $37500.
Bitcoin prices skyrocket
The price of Bitcoin continues to remain above the support range of $35000. A solid foundation was formed in the $35500 area, followed by a good price increase. It successfully broke through the key $36000 threshold and launched a new round of rebound.
The price has rapidly climbed to $36500, approaching a high of $36525, and is currently steadily recovering. The price exceeded the 23.6% Fibonacci retracement from the low point of $35100 to the high point of $36525.
In addition, the transaction price of Bitcoin is higher than $36000 and the 100 hour simple moving average. On the hourly chart of the BTC/USD currency pair, a key upward trend line provides support around $35800. This trend line is located near the 50% Fibonacci retracement level of the upward trend from a low of $35100 to a high of $36525.
On the positive side, direct resistance is around $36500. The next key resistance level may be around $37000, above which prices may accelerate further. In the above scenario, it may test at a level of $37500. If it continues to rise, Bitcoin may rise to the level of $38000.
Is the decline in BTC limited?
If Bitcoin fails to break through the resistance zone of $36500, there may be a downward correction. The direct support for the downward trend is around $36150.
The next important support is located in the $35800 area or near the trend line. If it falls below $35800, it may further exacerbate the downside risk. In this situation, the price may fall to a key support level of $35000 in the short term.
Technical indicators:
Hourly MACD - MACD is currently accelerating in bullish regions.
Hourly RSI (Relative Strength Index) - The RSI of BTC/USD is currently above the 50 level.
The main support level is $36150, followed by $35800.
Main resistance levels - $36500, $37000, and $37500.
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