Cryptocurrency News

Bitcoin is recovering fast, why BTC could rise above $38K


Bitcoin price started a strong rise above the $35,000 resistance level against the US Dollar. BTC is currently showing a lot of positive signs and it could even rise above $38,000.

  • Bitcoin started a steady rise above the $35,000 and $36,000 resistance levels.
  • The price is currently trading well above $36,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to rally if it clears the $38,000 resistance area in the near term.

bitcoin price turns green

Bitcoin found a strong buying interest near the $31,000 area and started steady increase. BTC broke several key hurdles near $35,000 to move into a positive zone.

There was also a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair. The pair even broke the $36,000 resistance and 100 hour simple moving average.

Bitcoin climbed above the $37,000 level and traded higher at $37,484. It is now consolidating gains above the $37,000 level. An immediate support is near the $36,500 level. The first major support is near the $36,000 area. It is close to the 23.6% Fib retracement level of the upward move from $31,050 low to $37,484 high.

Source: BTCUSD on TradingView.com

The next major support is near the $35,000 level and the 100 hourly simple moving average. The 50% Fibonacci retracement level of the upward move from the $31,050 low to $37,484 high is the next support near $34,250.

On the upside, the first major resistance is near the $37,500 level. The main resistance is near the $38,000 area, above which the price could rally towards the $40,000 level in the near term.

Supported Dips in BTC?

If bitcoin fails to clear the $38,000 resistance, it could initiate a downside correction. An initial support on the downside is near the $36,500 level.

The first major support is near the $36,000 level. Major support is now forming near the $35,000 level and the 100 hourly SMA. If the price fails to stay above $35,000, the price could dive towards $32,000.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Key Support Level – $36,000, followed by $35,000.

Key Resistance Levels – $37,500, $38,000, and $40,000.



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