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Bitcoin Price Analysis: BTC Eyes Fresh Bullish Break Above $37K

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  • Bitcoin price is slowly rising and it is trading above the $34,000 and $35,000 resistance levels against the US Dollar.
  • The price is now just above the $36,000 level and well above the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $37,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to surge above $37,000 as long as there is no break below the $34,650 support.

Bitcoin price is showing a few bullish signs above $35,000 against the US Dollar. BTC is likely eyeing a crucial upside break above the $37,000 resistance level in the near term.

Bitcoin Price Analysis

In the past few days, there was a decent increase in bitcoin price from the $30,000 support zone against the US Dollar. BTC broke the $32,000 and $33,000 resistance levels to move into a positive zone.

The recent swing low was formed near $32,191 before the price climbed above the $35,000 resistance. The price traded above the 50% Fib retracement level of the downward move from the $38,703 swing high to $32,191 swing low.

It is now just above the $36,000 level and well above the 55 simple moving average (4-hours). The first major resistance is near the $36,200 level. It is close to the 61.8% Fib retracement level of the downward move from the $38,703 swing high to $32,191 swing low.

The main resistance is near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the 4-hours chart of the BTC/USD pair.

If there is a clear upside break above the trend line resistance, the price could rise above the $37,800 and $38,000 resistance levels. The next key resistance is near the $38,700 level. On the downside, there is a major support forming near the $34,800 level.

There is also a connecting bullish trend line forming with support near $34,700 zone on the same chart. If there is a downside break below the trend line support, the price could slide towards the $32,200 support zone.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading well above $35,000 and the 55 simple moving average (4-hours). Overall, the price is likely to surge above $37,000 as long as there is no break below the $34,650 support.

Technical indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $34,700 and $32,200.

Key Resistance Levels – $37,000, $37,800 and $38,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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