Bitcoin Price Breaks $36K – Is This Start of A Fresh Rally?

Bitcoin terms yet cleared the $36,000 resistance. BTC is showing affirmative signs and mightiness proceed to emergence toward the $37,500 resistance.

• Bitcoin gained gait for a determination supra the $36,000 absorption zone.
• The terms is trading supra $36,000 and the 100 hourly Simple moving average.
• There is simply a cardinal bullish inclination enactment forming with enactment adjacent $35,800 connected the hourly illustration of the BTC/USD brace (data provender from Kraken).
• The brace is consolidating gains and mightiness proceed to emergence toward $37,500.

Bitcoin Price Spikes Higher

Bitcoin terms remained well-bid supra the $35,000 enactment zone. BTC formed a basal supra the $35,500 portion and yet started a decent increase. It broke the cardinal hurdle astatine $36,000 to commencement a caller rally.

There was a spike toward the $36,500 level. A precocious is formed adjacent $36,525 and the terms is present consolidating gains. It is trading supra the 23.6% Fib retracement level of the upward determination from the $35,100 plaything debased to the $36,525 high.

Bitcoin is besides trading supra $36,000 and the 100 hourly Simple moving average. Besides, determination is simply a cardinal bullish inclination enactment forming with enactment adjacent $35,800 connected the hourly illustration of the BTC/USD pair. The inclination enactment is adjacent the 50% Fib retracement level of the upward determination from the $35,100 plaything debased to the $36,525 high.

Source: BTCUSD connected TradingView.com

On the upside, contiguous absorption is adjacent the $36,500 level. The adjacent cardinal absorption could beryllium adjacent $37,000, supra which the terms mightiness accelerate further higher. In the stated case, it could trial the $37,500 level. Any much gains mightiness nonstop BTC toward the $38,000 level.

Are Dips Limited In BTC?

If Bitcoin fails to emergence supra the $36,500 absorption zone, it could commencement a downside correction. Immediate enactment connected the downside is adjacent the $36,150 level.

The adjacent large enactment is adjacent the $35,800 portion oregon the inclination line. If determination is simply a determination beneath $35,800, determination is simply a hazard of much downsides. In the stated case, the terms could diminution toward the cardinal enactment astatine $35,000 successful the adjacent term.

Technical indicators:

Hourly MACD – The MACD is present gaining gait successful the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is present supra the 50 level.

Major Support Levels – $36,150, followed by $35,800.

Major Resistance Levels – $36,500, $37,000, and $37,500.