Bitcoin (BTC) Flashes Steady Recovery But Bulls May Struggle

  • BTC’s price tries to overcome the resistance zone at $37.5K and $38K.
  • For now, the coin trades beyond $36.5K and 100Hr SMA.
  • The hourly chart indicated a critical breakout setup developing with the resistance of $37.5K (Kraken stats).
  • Bitcoin requires a decisive move past the resistance at $38K to authorize a steady upside action.

Bitcoin entered a reclamation wave beyond the $36K level. The crypto should settle beyond the resistance at $38K for stable upswings.

BTC Price Ready for Uptrend Continuation

Bitcoin controlled its price actions beyond the $35K region and kick-started a recovery move. The positive trend had Bitcoin overcoming the resistance around $36K, entering a near-term bullish territory.

The dominant crypto broker passed the resistance zone at $36.5K and $36.8K. Moreover, Bitcoin moved beyond 23.6% Fibonacci retracement of the crucial fall from swing peaks of $43,495 towards $32,950. For now, the token consolidates around $37K, hovering well beyond 100Hr SMA.

Meanwhile, BTC’s initial resistance to the upward stands around the $37.4K level. Also, the pair’s hourly chart shows a vital breakout pattern developing with resistance at $37.5K. Nevertheless, the first massive resistance stands at $38.2K, the level near 50% Fibonacci retracement of the crucial plunge from $43,495 to $32,950.

An upward break past the resistance of $38.2K might translate to a stable upsurge. The following vital resistance stands around $49.2K, beyond which bulls may eye the value zone of $40K. Increased surges here may see BTC climbing to $41.2K.

New Fall in Bitcoin?

Failure to kick-start a stable increase beyond $38.2K might mean another price dip by Bitcoin. The coin’s immediate support stands at $36.8K. Meanwhile, the initial crucial support level sits at $36K and 100Hr Simple Moving Average. Breaching this footing may lead to more losses in Bitcoin price.

The following dependable support would emerge at $35.4K before the coin revisits levels at $34K. For now, near-term actions suggest bullishness for BTC. However, market players may have to wait for a significant move beyond $38K to confirm stable uptrends.

BTC Technical Indicators

  • Hourly MACD sees momentum in bullish territory.
  • Hourly RSI stays beyond the 50-mark.
  • Vital support zones – $36K and $35.4K
  • Vital resistance areas – $37.4K, 38K, and $38.2K