Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA for a steady increase.
- Bitcoin is recovering higher from the $35,000 support zone.
- The price is currently well below $37,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear $37,000 and the 100 hourly SMA to start a fresh increase in the near term.
Bitcoin Price is Facing Key Resistance
Bitcoin failed to stay above the $37,000 support zone and extended its decline. BTC even broke the $36,000 support level and settled below the 100 hourly simple moving average.
There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price climbed above the 50% Fib retracement level of the recent decline from the $37,915 high to $34,830 low.There was also a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair is still well below $37,000 and the 100 hourly simple moving average.
Source:The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is also near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above $37,000 and $37,200, the price could start a major increase.
