#BitcoinPrice #Cryptocurrency #BTC #DigitalCurrency #TechnicalAnalysis #ResistanceZone #SupportLevel #BullishTrend
Bitcoin price has restarted its upward movement after finding support at $34,650. The price has increased by over 5% and is currently attempting to break above the $38,000 resistance zone. The recent rally has been supported by the price trading above $36,500 and the 100 hourly Simple Moving Average. Additionally, there was a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC/USD pair. If the price successfully clears the $38,000 resistance zone, it could continue its upward movement.
However, Bitcoin experienced a downside correction from the $38,000 resistance level. The price declined below $36,000 and $35,500, even briefly spiking below $35,000. Nevertheless, the bulls stepped in near the $34,650 support level, forming a low at around $34,666. This led to a fresh increase in the price, breaking above the $36,000 and $37,000 levels. The BTC/USD pair also broke above a major bearish trend line with resistance near $36,300. The current price consolidation is occurring above $36,500 and the 100 hourly Simple Moving Average, indicating bullish momentum. Key resistance levels to watch include $37,850, $38,000, and $38,800. Failure to break above the $38,000 zone could result in another downside correction, with immediate support at $37,450 and major support at $36,500.
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