Bitcoin Price Returns To Key Resistance As The Bulls Aim For $40K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price trimmed all losses and climbed above $37,000. BTC is now eyeing a major upside break above the $37,750 and $38,000 resistance levels.

Bitcoin is showing positive signs and testing the $37,750 resistance.
The price is trading above $37,000 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major increase if it clears the $38,000 resistance zone.

Bitcoin Price Regains Strength

Bitcoin price started a downside correction after reports of Binance’s settlement and CZ stepping down. BTC dropped below the $37,000 support. However, the bulls were active near the $35,650 support zone.

A low was formed near $35,645 and the price started a fresh increase. It trimmed all losses and climbed above the $37,000 resistance. There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair.

The pair even broke the $37,500 level and tested the key hurdle at $37,750. Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high.

On the upside, immediate resistance is near the $37,750 level. The main resistance is now forming near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,800. A clear move above the $38,800 resistance could send the price further higher toward the $39,200 level. In the stated case, it could even test the $40,000 resistance.

Another Rejection In BTC?

If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.

The next major support is $36,700 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,150 support in the near term. The next key support or target could be $35,650. Similarly, in the dynamic landscape of online casinos in Germany, a shift in regulatory policies could influence market movements and betting behaviors.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $36,700, followed by $35,650.

Major Resistance Levels – $37,750, $38,000, and $38,800.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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