Bitcoin aims for $40K as the bulls were able to lead the coin to a new all-time high of $38,000 after it successfully broke the $35,500 resistance over the past 24hours so let’s take a closer look at the Bitcoin price news today.
Bitcoin is up by 10% and managed to break two resistance levels of $35,500 and $36,500 with the price trading to a new all-time high close to the $37,400 which makes it still above the 100 hourly simple moving average. Bitcoin aims for $40K but there’s still a major bullish trendline forming with the support nearing the $35,880 on the hourly charts of the pair which is likely to continue higher towards $38,500 and $39,800 if the trend remains intact.
After the minor decline, BTC’s price regained strength above the $34,000 level and started another strong increase by breaking a few hurdles near the $35,500 and $36,500 resistance levels. The price even spiked above the $37,000 level and settled well above the 100 hourly simple moving average. The price traded to a new all-time high close to the $37,400 level and it is now consolidating the gains. The initial support on the downside is close to the $36,650 level.
The 23.65 fib retracement level from the surge of $34,378 swing low to the $37,394 high is near the $36,682 with a major bullish trend line forming with the support near the $35,880 on the hourly charts of the pair. The trend line is also close to the 50% fib retracement level from the recent surge of the $34,378 swing low to the $37,394 swing high. On the upside, the $37,400 levels are initial hurdles for the bulls.
A clear break above these levels could open the doors for more increase and in the stated case, the price could jump towards $38,500 or even $40,000 in the upcoming sessions. If BTC fails to clear the upper levels, it could start a short-term downside correction with initial support on the downside nearing the $36,650 and the $36,500 levels. The main support is now forming close to the $35,800 levels with the bullish trend line forming here as well. More losses could start another downside correction towards the $33,000 level with the hourly MACD for the pair losing momentum in the bullish zone. The hourly RSI for the pair is well above the 60 levels. The major support levels include $36,000 and $35,800 with the major resistance levels including $37,400 and $38,500.
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