By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BlockscrollBlockscroll
Notification Show More
Latest News
Zuckerberg's Pursuit of Metaverse Reality Costs $13.7B
Zuckerberg’s Pursuit of Metaverse Reality Costs $13.7B
Press Release
According to JPMorgan Survey: 72% of Institutional Investors Avoid Crypto
According to JPMorgan Survey: 72% of Institutional Investors Avoid Crypto
Crypto
The Indian Government Announces New Crypto Tax Penalties
The Indian Government Announces New Crypto Tax Penalties
Crypto
Woah! Dogecoin Whales Made 523 Transactions as DOGE Soars 34%!
Woah! Dogecoin Whales Made 523 Transactions as DOGE Soars 34%!
Crypto
More than 300,000 Changsha Merchants Adopted Digital Yuan
Crypto
Aa
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
Reading: Bitcoin Signals Fresh Increase, Here’s Why $37K Is The Key
Share
BlockscrollBlockscroll
Aa
Search
Have an existing account? Sign In
Follow US
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Blockscroll > Bitcoin > Bitcoin Signals Fresh Increase, Here’s Why $37K Is The Key
Bitcoin

Bitcoin Signals Fresh Increase, Here’s Why $37K Is The Key

Eric Guerr
Last updated: 2022/11/19 at 11:58 AM
By Eric Guerr 2 years ago
Share
3 Min Read
Bitcoin
SHARE

Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA for a steady increase.

Bitcoin is recovering higher from the $35,000 support zone.
The price is currently well below $37,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear $37,000 and the 100 hourly SMA to start a fresh increase in the near term.

Bitcoin Price is Facing Key Resistance
Bitcoin failed to stay above the $37,000 support zone and extended its decline. BTC even broke the $36,000 support level and settled below the 100 hourly simple moving average.
There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price climbed above the 50% Fib retracement level of the recent decline from the $37,915 high to $34,830 low.
There was also a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair is still well below $37,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is also near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above $37,000 and $37,200, the price could start a major increase.
The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase.
Fresh Decline in BTC?
If bitcoin fails to clear the $37,000 resistance, it could start a fresh decline. An initial support on the downside is near the $36,000 level.
The first major support is near the $35,500 level. If there is a downside break below the $35,500 support and $35,000, the price could start a sharp decline towards $32,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $36,000, followed by $35,500.
Major Resistance Levels – $37,000, $38,500 and $40,000.

You Might Also Like

Bitcoin Soars to Record Heights with its Best January in Last 10 Years

Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted

Bahrain’s Top Real Estate Developer Accepts Bitcoin and Shiba Inu Payments

Russia Proposes a Ban on Cryptocurrency Mining in Residential Areas

Crypto Price Update: Bitcoin and Ethereum Price Drops and Meme Coins Fall

Eric Guerr June 7, 2021
Share this Article
Facebook Twitter Email Print
Share
Eric Guerr
By Eric Guerr
Eric is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood, and loves listening to folk music.
Previous Article 2021 price outlook: BTC, ETH, XRP, LTC, BCH, LINK, ADA, BNB, DOT, XLM
Next Article Ethereum Outpaces Bitcoin, Here’s Why ETH Could Surpass $2,880
BlockscrollBlockscroll
Follow US

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?