Bitcoin’s highest is close to 40,000 USD, why BTC is still well supported

The price of Bitcoin has soared and even soared above the USD 40,000 resistance level against the U.S. dollar. BTC is correcting its gains, but it may remain stable at around 36,000 USD.

  • Bitcoin started to rise strongly above the resistance levels of 36,000 USD and 38,000 USD.
  • The price is now well above $36,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD currency pair (data feed from Kraken), there is a major bullish trend line formed with support at 36,100 USD and resistance at 31,250 USD.
  • The currency pair corrected its gains, but it may find strong support near $36,000.

Bitcoin price correction gains

Bitcoin price Began to rise sharply After breaking through the critical $35,000 resistance zone. It opened the door to a steady rise to $36,500 and above the 100-hour simple moving average.

The price surged above USD 38,000 and eventually surged above the USD 40,000 resistance level. However, the bulls are working hard to keep the price above $40,000. A high was formed near $40,484, and the price began a downward correction.

It fell below the 38,500 and 38,000 levels. Bitcoin even fell below the 50% Fibonacci retracement level that rose from a low of $33,950 to a high of $40,484.

Source: BTCUSD on TradingView.com

The price is now consolidating near the $37,000 support area. On the hourly chart of the BTC/USD currency pair, there is also a major bullish trend line formed. The support level is around 36,100 USD and the resistance is around 31,250 USD. On the bright side, the initial resistance is near the $38,000 level.

The first major resistance is near $38,500.This Main resistance It is still close to the USD 40,000 area. A successful breakthrough and closing above $40,000 may trigger additional gains in the short term.

Dip Limited BTC?

If Bitcoin fails to break through the USD 38,000 and USD 38,500 resistance levels, it may continue to fall. The initial support for the downside is around 36,500 USD.

The first major support level is now close to the $36,000 area. A clear downside break below the USD 36,000 support level and trend line may push the price to the USD 35,000 support area in the short term.

Technical index:

Hourly MACD – The MACD is now accelerating in the bearish zone.

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

The main support level – 36,500 USD, then 36,000 USD.

The main resistance levels – 38,000 USD, 38,500 USD and 40,000 USD.

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