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Bitcoin Price Breaks $36K – Is This Start of A Fresh Rally?
Bitcoin price finally cleared the $36,000 resistance. BTC is showing positive signs and might continue to rise toward the $37,500 resistance.
Bitcoin Price Spikes Higher
Bitcoin price remained well-bid above the $35,000 support zone. BTC formed a base above the $35,500 zone and finally started a decent increase. It broke the key hurdle at $36,000 to start a fresh rally.
There was a spike toward the $36,500 level. A high is formed near $36,525 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.
Bitcoin is also trading above $36,000 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.
Source: BTCUSD on TradingView.com
On the upside, immediate resistance is near the $36,500 level. The next key resistance could be near $37,000, above which the price might accelerate further higher. In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $36,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,150 level.
The next major support is near the $35,800 zone or the trend line. If there is a move below $35,800, there is a risk of more downsides. In the stated case, the price could decline toward the key support at $35,000 in the near term.
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 – $36,150, followed by $35,800.
Major Resistance Levels – $36,500, $37,000, and $37,500.