Bitcoin is attempting an upside break above the $38,800 resistance zone against the US Dollar. BTC could rally further unless it fails to stay above $37,400.
- Bitcoin started a fresh increase and was able to clear the $38,000 resistance zone.
- The price is now trading above $37,500 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if there is a clear move above the $38,800 resistance zone.
Bitcoin Price Starts Fresh Increase
Bitcoin price corrected lower below the $38,000 pivot level. BTC even traded below $37,000, but the bulls were active near the $37,650. A low was formed near $36,667 and the price started a fresh increase.
There was a clear move above the $37,500 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair.
Source:The first major resistance is near the $38,800 zone. A clear move above the $38,800 zone could push the price further higher. The next key resistance is near the $39,500 zone. If the bulls able to clear the $39,500 level, the price may perhaps clear the $40,000 resistance zone.