Bitcoin price trimmed all losses and climbed above $37,000. BTC is now eyeing a major upside break above the $37,750 and $38,000 resistance levels.
- Bitcoin is showing positive signs and testing the $37,750 resistance.
- The price is trading above $37,000 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major increase if it clears the $38,000 resistance zone.
Bitcoin Price Regains Strength
Bitcoin price started a downside correction after reports of Binance’s settlement and CZ stepping down. BTC dropped below the $37,000 support. However, the bulls were active near the $35,650 support zone.
A low was formed near $35,645 and the price started a fresh increase. It trimmed all losses and climbed above the $37,000 resistance. There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair.The pair even broke the $37,500 level and tested the key hurdle at $37,750. Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high.
On the upside, immediate resistance is near the $37,750 level. The main resistance is now forming near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.