- Bitcoin registered lower corrections, but bulls remained active around $35,550.
- BTC now trades beyond $37K and 100hr Simple Moving Average.
- Kraken data highlights a break past a crucial bearish trend-line with resistance at $36.5K on BTC’s hourly chart.
- Bitcoin has to conquer the $38K level for steady upside actions.
Bitcoin secured support around $35,550 and launched new surges. The leading coin should overcome the $38K hurdle for further upswings in the short term.
BTC Price Secures Support
Bitcoin ventured into downtrends after meeting the resistance at $38.5K. The crypto dropped beneath $36.5Kk and 100hr SMA. Nevertheless, bulls stepped up around the $35,550 level as the coin formed a low before kick-starting new uptrends from the footing. The upward pressure saw BTC overcoming $36.2K and $36.5K resistance zones. Moreover, the asset’s hourly chart shows a break beyond a crucial bearish trend-line with resistance at $36.5K.
For now, BTC hovered above $37K and 100 hourly MA while testing the resistance zone at $37.2K. Furthermore, the pair wavers around the 50% Fibonacci retracement mark of the recent plunge to $35,550 from the swing peak at $38,899.
However, an initial upside resistance stands around $37,250. Meanwhile, the initial critical resistance stood at $37,650, near 61.8% Fib retracement line of the latest fall from $38,899 to the lows of $35,550.
Bulls should battle the crucial hurdle at $38,000. An upward break beyond this area might reveal steady upside moves. The following significant resistance locates at $38.5K, past which bulls may receive more strength.
More Declines in Bitcoin?
Failure to relaunch a decisive move beyond $38,000 might lead to further declines. That way, BTC will explore the closest support line at $36.5K. Nevertheless, the tokens, initial massive footing stands at $35,550. Breaching this level might push BTC lower to the $34K value zones.
Bitcoin’s bullish reactions had the overall crypto market turning green. For now, the global crypto market value stands around $1.69 trillion, following a more than 3% increase.
Bitcoin Technical Indicators
- Hourly MACD is gaining momentum in a bullish region.
- Hourly RSI stands beyond 50
- Vital support areas – $36.5K, then $35,550
- Vital resistance areas – $37,650, $38K and $38.5K.
