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Bitcoin Price Breaks $35K!

Bitcoin breaks the $35K barrier, bulls are now aiming for a larger rally.

Bitcoin price regained strength for a new increase then it broke $35,000 against the US dollar. BTC seems to accelerate higher to $36,500 or $37,000.

Bitcoin Price gains pace

Bitcoin has formed a base over the $32,000 zone to start a new increase. BTC broke the $33,500 resistance that the 100 hourly simple moving average moved into a positive zone.

The upward move has gained strength over the 50% Fib retracement level of a downward move from the $36,500 swing high to $28,850 zone. There has also been a break over a major bearish trend line with a resistance close to $33,500 on the hourly chart of the BTC/USD pair.

The pair now trades well over $34,000 and the 100 hourly simple moving average. Bitcoin now trades over the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

bitcoin price

It shows many positive signs and it can continue rising over $36,000. An initial resistance is close to the $36,200 level. The main resistance is now near the $37,000 zone. The next gains can lead the price to the $38,000 zone.

Dips limited in Bitcoin

If ever bitcoin didn’t clear the $36,200 resistance or the $37,000 resistance, it might start a downside correction. An immediate support on the downside is close to the $34,500 level.

The next main support is close to the $34,000 level. The main support now forms near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA can open the doors for a fresh drop to the $32,000 zone in the next sessions.

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