The valuation of Bitcoin has surged once more, surpassing the $37,200 resistance level. The digital currency appears to be in a state of consolidation at present, implying that further increases could occur, potentially exceeding the $37,600 resistance region.
Bitcoin’s strength is evident in its recent performance, commencing with a sturdy climb beyond the $37,200 resistance region. The popular digital currency is presently trading above the $36,200 mark, trendy well beyond 100 hourly Simple Moving Average. A vital bullish pattern is taking shape, supported by the $36,200 marker observed on the hourly chart of Bitcoin/US Dollar trading pair.
The duo is currently in a phase of consolidating gains, hinting at a potential escalation towards the $38,000 mark. Bitcoin’s valuation did not merely peak at $36,500; instead, it exhibited a swift acceleration, clearing the $37,200 resistance barrier with an impressive rally of over 5%.
Fresh, multi-week highs were near the $37,971 zone. Still, there was a mild downward correction that took the price just below the $37,000 mark. An upward swing from the $35,100 low to the high of $37,971 brought about this correction.
Bitcoin currently sits above the $36,200 mark along with the 100 hourly Simple Moving Average. A strong bullish trend in tandem with support in the $36,200 region seems to be forming on the hourly chart of Bitcoin/US Dollar trading pair. This pair has held on to the 61.8% retracement level of the ascent from the $35,100 low to the high of $37,971, suggesting that the currency is consolidating near the mark of $36,750 while attempting a new rise. The immediate resistance on the upside lies near the $37,000 mark.
Should Bitcoin manage to breach the $37,300 resistance level, it could expedite its upward trajectory. In such a scenario, the digital currency could test the $37,800 mark, with a potential leap toward the $38,000 level.
If Bitcoin is unable to scale the $37,000 resistance level, a declining correction might follow. Immediate support on the downside is near the $36,500 region. If the currency slips below the $36,200 mark, we could observe a risk of additional downward activity. Under these circumstances, the digital currency could descend towards the crucial support of $35,500 in the immediate future.
The hourly MACD indicates that the MACD is gaining momentum within the bullish zone. The hourly RSI, or Relative Strength Index, indicates that this measure for Bitcoin/US Dollar is considerably above the 50 level. Main levels of support are positioned at $36,500, followed by $36,200 meanwhile, major resistance levels are at $37,000, $37,300, and $38,000.
