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Cryptocurrency : Bitcoin Recovers Dramatically, Why BTC Could Rise Higher Above $ 38K

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Bitcoin price started a sharp rise above the $ 35,000 resistance against the US Dollar. BTC is currently showing a lot of positive signs and could even break above $ 38,000.

Bitcoin started a steady rise above the $ 35,000 and $ 36,000 resistance levels. The price is currently well above $ 36,000 and the 100 hourly simple moving average. There was a break above a major downtrend line with resistance near $ 35,000 on the hourly chart of the BTC / USD pair (data feed from Kraken). The pair is likely to accelerate higher if it clears the $ 38,000 resistance zone in the near term.

Bitcoin price turns green

Bitcoin found strong buying interest near the $ 31,000 zone and started a steady rise. BTC broke through many major hurdles near $ 35,000 to move into a positive zone.

There was also a break above a major downtrend line with resistance near $ 35,000 on the hourly chart of the BTC / USD pair. The pair even settled above the $ 36,000 resistance and the 100 hourly simple moving average.

Bitcoin rose above the $ 37,000 level and traded as high as $ 37,484. You are now consolidating gains above the $ 37,000 level. An immediate support is near the $ 36,500 level. The first key support is near the $ 36,000 zone. It is close to the 23.6% Fib retracement level of the up move from the $ 31,050 low to $ 37,484 high.

Bitcoin price

Source: BTCUSD on TradingView.com

The next major support is near the $ 35,000 level and the 100 hourly simple moving average. The 50% Fib retracement level of the up move from the $ 31,050 low to $ 37,484 high is the next support near the $ 34,250 level.

On the upside, the first major resistance is near the $ 37,500 level. The main resistance is near the $ 38,000 zone, above which the price could rally towards the $ 40,000 level in the near term.

Dips supported in BTC?

If bitcoin fails to clear the $ 38,000 resistance, it could start a downward correction. An initial support on the downside is near the $ 36,500 level.

The first major support is near the $ 36,000 level. Major support is now forming near the $ 35,000 level and the 100 hourly SMA. If the price does not stay above $ 35,000, the price could drop to $ 32,000.

Technical indicators:

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

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

Major Support Levels – $ 36,000, followed by $ 35,000.

Major Resistance Levels – $ 37,500, $ 38,000, and $ 40,000.

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