Bitcoin Price Bullish Streak Takes A Break But Bulls Are Not Done Yet

Bitcoin price rallied further above the $37,200 resistance zone. BTC is now consolidating and might aim for more upsides above the $37,600 resistance zone.

Bitcoin started a strong increase above the $37,200 resistance zone.

The price is trading above $36,200 and the 100 hourly Simple moving average.

There is a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair is consolidating gains and might continue to rise toward $38,000.

Bitcoin Price Remains Strong

Bitcoin price started a fresh increase above the $36,500 resistance zone. BTC gained pace for a clear move above the $37,200 resistance zone and rallied over 5%.

A new multi-week high was formed near $37,971 before there was a downside correction. There was a move below the $37,000 level. The price spiked below the 50% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high.

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