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#BitcoinIncrease
Bitcoin has recently experienced a fresh surge in value, climbing above the $37,000 resistance zone. This resurgence in price has stirred the Bitcoin market, sparking predictions of further significant increases should there be a substantial shift above the $37,350 resistance. The recent upwards trend originated from the $35,500 support zone, resulting in Bitcoin currently being traded above $36,700, exceeding the 100 hourly Simple Moving Average (SMA). Furthermore, a key bullish trend line is being observed, taking shape with support near $36,720 on the hourly chart of the BTC/USD pair (data from Kraken).
Anticipation is growing among investors as there is a promising potential for the price to escalate towards $40,000, following a clear move beyond $37,350 and $38,000. Notably, Bitcoin bulls were able to generate a fresh surge after finding support near the $35,500 zone. The value has subsequently surpassed resistance levels at $36,500 and $37,000 and even witnessed a spike above $37,200. This climb took Bitcoin’s price above the 50% Fib retracement level from the $37,950 swing high to the $35,518 low. On the upside, the immediate resistance is identified at $37,350, which coincides with the 76.4% Fib retracement level of the downward trend from the $37,950 swing high to the $35,518 low. Consequently, if there is a substantial shift above the $37,350 resistance, the price might climb towards the $37,800 level, indicating exciting opportunities for Bitcoin holders and investors.
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