Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace
Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.
The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.
The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Source: BTCUSD on TradingView.com
It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.
Dips Limited in BTC?
If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.
The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $34,400, followed by $33,500.
Major Resistance Levels – $36,200, $37,000 and $38,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,227.29
ethereum
Ethereum (ETH) $ 1,905.63
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.39
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.525782
staked-ether
Lido Staked Ether (STETH) $ 1,904.34
cardano
Cardano (ADA) $ 0.381468
dogecoin
Dogecoin (DOGE) $ 0.073103
solana
Solana (SOL) $ 21.61
matic-network
Polygon (MATIC) $ 0.905567
tron
TRON (TRX) $ 0.081885
litecoin
Litecoin (LTC) $ 96.42
polkadot
Polkadot (DOT) $ 5.37
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.74
dai
Dai (DAI) $ 0.999723
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,251.30
uniswap
Uniswap (UNI) $ 5.12
chainlink
Chainlink (LINK) $ 6.51
leo-token
LEO Token (LEO) $ 3.60
cosmos
Cosmos Hub (ATOM) $ 10.81
okb
OKB (OKB) $ 46.01
monero
Monero (XMR) $ 149.80
ethereum-classic
Ethereum Classic (ETC) $ 18.22
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092515
bitcoin-cash
Bitcoin Cash (BCH) $ 116.76
internet-computer
Internet Computer (ICP) $ 4.84
filecoin
Filecoin (FIL) $ 4.86
lido-dao
Lido DAO (LDO) $ 2.35
true-usd
TrueUSD (TUSD) $ 0.999828
aptos
Aptos (APT) $ 9.09
quant-network
Quant (QNT) $ 117.87
hedera-hashgraph
Hedera (HBAR) $ 0.050998
crypto-com-chain
Cronos (CRO) $ 0.060536
arbitrum
Arbitrum (ARB) $ 1.23
near
NEAR Protocol (NEAR) $ 1.64
vechain
VeChain (VET) $ 0.020034
the-graph
The Graph (GRT) $ 0.129775
apecoin
ApeCoin (APE) $ 3.16
algorand
Algorand (ALGO) $ 0.152968
the-sandbox
The Sandbox (SAND) $ 0.577578
eos
EOS (EOS) $ 0.920220
render-token
Render (RNDR) $ 2.74
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.999726
elrond-erd-2
MultiversX (EGLD) $ 38.72
optimism
Optimism (OP) $ 1.51