The price of bitcoin began to rise again from the $34,650 support level. With a five-percent gain, Bitcoin is currently trying to break over the $38,000 barrier area.
Bitcoin began a new upswing from the support area of $34,650.
The 100 hourly Simple moving average and $36,500 are being crossed by the price.
Bitcoin Price Surges 5%, Gearing Up to Break $38K Barrier,Bitcoin Price Surges 5%, Gearing Up to Break $38K Barrier
On the hourly chart of the BTC/USD pair, there was a break above a significant negative trend line with resistance close to $36,300 (data feed from Kraken).
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Should the pair break over the $38,000 barrier zone, it may rise further.
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Once the price of bitcoin hit the $38,000 obstacle, it began to decline. Bitcoin dropped below $36,000 and $35,500. In fact, the cost surged below $35,000. On the other hand, the $34,650 support zone was where the bulls were active.
After reaching a low of $34,666 the price began to rise again. The price rose significantly above $36,000 and $37,000. On the hourly chart of the BTC/USD pair, there was also a break over a significant negative trend line with resistance close to $36,300.
The price of bitcoin is up more than 5% and has challenged the barrier level of $38,000. At $37,950, a high is established, and the price is currently consolidating gains.
Additionally, it is trading above $36,500, the 23.6% Fib retracement level of the upward advance from the $34,666 swing low to the $37,950 high, as well as the 100 hourly Simple moving average.
Immediate resistance on the upside is located close to the $37,850 mark. The next major obstacle can be found close to $38,000 or the previous peak. A closing above the resistance level of $38,000 may initiate a significant rise.
If the price breaks over the first significant resistance level, which is at $38,800, it may rise much faster. It could test the $39,200 threshold in the given scenario. If there are any additional rises, Bitcoin may reach the $40,000 mark.
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More Bitcoin Losses?
Bitcoin may initiate another downward decline if it is unable to break over the $38,000 barrier level. Substantial downside support is located in the vicinity of $37,450.
Technical signs:
- Hourly MACD: At this point, the bullish zone of the MACD is losing ground.
- Relative Strength Index (RSI) hourly: The BTC/USD RSI is currently above the 60 mark.
- The major support levels are $36,500 and $37,450.
- The key levels of resistance are $37,850, $38,000, and $38,800.
Bitcoin Price Surges 5%, Gearing Up to Break $38K Barrier,Bitcoin Price Surges 5%, Gearing Up to Break $38K Barrier,Bitcoin Price Surges 5%, Gearing Up to Break $38K Barrier , Bitcoin Crypto news, Bitcoin News