A fresh increase can now be seen on Bitcoin. Is $37k the key to a new surge?
BTC price has challenged the $35,000 support level against the US dollar again. Now, Bitcoin is rising, but it should clear the $37,000 and the hourly SMA for a strong increase.
Bitcoin Price Faces a Key Resistance
BTC didn’t manage to stay above the $37,000 support zone and then extended its decline. The largest cryptocurrency even broke the $36,000 support level then settled below the 100 hourly simple moving average.
There has been a spike below the $35,000 support level. A low has been formed near the $34,830. But now, the price is correcting higher. There has been a break over the $36,000 resistance level. The price then climbed over the 50% Fib retracement level of the current decline from the $37,915 high to $34,830 low.
Also, there has been a break over a key bearish trend line with a resistance near $36,000 on the BTC/USD pair hourly chart. The pair is still below the $37,000 and the 100 hourly simple moving average.
The 76.4% Fib retracement level of the current decline from the $37,915 high to $34,830 low is also around the $37,200 to act as a major hurdle for the bulls. If there will be a clear upside break over the $37,000 and $37,200, the price can start a major increase.
The first major resistance is close to the $38,500 level. The main resistance is still close to the $40,000 zone. A major break over the $40,000 level can set the pace for an even massive increase.
A Fresh Decline in BTC Price?
If ever Bitcoin didn’t manage to clear the $37,000 resistance, then it can start a fresh decline. It is an initial support on the downside that is near the $36,000 level.
The first major support is close to the $35,500 level. If ever there will be a downside break below the $35,500 support and $35,000, then the price can start a sharp decline to $32,000.
📣 Cryptonetwork.News is now on Telegram. Please click [here] to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines.