Bitcoin Signals Fresh Increase, Here’s Why $37K Is The Key

Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA for a steady increase.

Bitcoin is recovering higher from the $35,000 support zone.
The price is currently well below $37,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear $37,000 and the 100 hourly SMA to start a fresh increase in the near term.

Bitcoin Price is Facing Key Resistance
Bitcoin failed to stay above the $37,000 support zone and extended its decline. BTC even broke the $36,000 support level and settled below the 100 hourly simple moving average.
There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price climbed above the 50% Fib retracement level of the recent decline from the $37,915 high to $34,830 low.
There was also a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair is still well below $37,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is also near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above $37,000 and $37,200, the price could start a major increase.
The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase.
Fresh Decline in BTC?
If bitcoin fails to clear the $37,000 resistance, it could start a fresh decline. An initial support on the downside is near the $36,000 level.
The first major support is near the $35,500 level. If there is a downside break below the $35,500 support and $35,000, the price could start a sharp decline towards $32,000.
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 above the 50 level.
Major Support Levels – $36,000, followed by $35,500.
Major Resistance Levels – $37,000, $38,500 and $40,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 63,328.97
ethereum
Ethereum (ETH) $ 3,093.32
tether
Tether (USDT) $ 0.999659
bnb
BNB (BNB) $ 551.16
solana
Solana (SOL) $ 137.96
usd-coin
USDC (USDC) $ 0.999243
staked-ether
Lido Staked Ether (STETH) $ 3,088.28
xrp
XRP (XRP) $ 0.495522
dogecoin
Dogecoin (DOGE) $ 0.160050
the-open-network
Toncoin (TON) $ 6.51
cardano
Cardano (ADA) $ 0.459824
avalanche-2
Avalanche (AVAX) $ 34.91
shiba-inu
Shiba Inu (SHIB) $ 0.000022
bitcoin-cash
Bitcoin Cash (BCH) $ 505.76
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 63,372.98
tron
TRON (TRX) $ 0.111360
polkadot
Polkadot (DOT) $ 6.68
chainlink
Chainlink (LINK) $ 13.52
matic-network
Polygon (MATIC) $ 0.704467
litecoin
Litecoin (LTC) $ 77.85
internet-computer
Internet Computer (ICP) $ 12.34
near
NEAR Protocol (NEAR) $ 5.18
leo-token
LEO Token (LEO) $ 5.91
uniswap
Uniswap (UNI) $ 7.20
dai
Dai (DAI) $ 0.998718
first-digital-usd
First Digital USD (FDUSD) $ 0.997995
aptos
Aptos (APT) $ 9.09
ethereum-classic
Ethereum Classic (ETC) $ 26.31
mantle
Mantle (MNT) $ 1.12
blockstack
Stacks (STX) $ 2.52
bittensor
Bittensor (TAO) $ 526.50
okb
OKB (OKB) $ 57.26
crypto-com-chain
Cronos (CRO) $ 0.127061
filecoin
Filecoin (FIL) $ 5.96
cosmos
Cosmos Hub (ATOM) $ 8.11
render-token
Render (RNDR) $ 8.24
stellar
Stellar (XLM) $ 0.107374
arbitrum
Arbitrum (ARB) $ 1.15
vechain
VeChain (VET) $ 0.041054
maker
Maker (MKR) $ 3,063.33
hedera-hashgraph
Hedera (HBAR) $ 0.079153
kaspa
Kaspa (KAS) $ 0.119560
immutable-x
Immutable (IMX) $ 1.94
dogwifcoin
dogwifhat (WIF) $ 2.73
the-graph
The Graph (GRT) $ 0.253091
optimism
Optimism (OP) $ 2.24
coredaoorg
Core (CORE) $ 2.69
ethena-usde
Ethena USDe (USDE) $ 0.999594
monero
Monero (XMR) $ 123.22
wrapped-eeth
Wrapped eETH (WEETH) $ 3,205.02