Bitcoin Price Rallies 5% and Seems Primed To Clear the $38K Hurdle

Bitcoin Price Rallies 5% and Seems Primed To Clear the $38K Hurdle

Bitcoin price restarted its increase from the $34,650 support. BTC is up over 5% and now attempting a move above the $38,000 resistance zone.


  • Bitcoin started a fresh rally from the $34,650 support zone.

  • The price is trading above $36,500 and the 100 hourly Simple moving average.

  • There was a break above a major bearish trend line with resistance near $36,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could continue to move up if it clears the $38,000 resistance zone.

  • Bitcoin Price Trims All Losses


    Bitcoin price started a downside correction from the $38,000 resistance. BTC declined below the $36,000 and $35,500 levels. The price even spiked below $35,000. However, the bulls were active near the $34,650 support zone.


    A low was formed near $34,666 and the price started a fresh increase. There was a sharp increase above the $36,000 and $37,000 levels. There was also a break above a major bearish trend line ..

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