Bitcoin’s Price Gains Could Lead BTC Above $38K Soon

Bitcoin’s price gains could lead the cryptocurrency above the $38K region soon enough as the price started a steady increase above $35,000 against the US dollar. the price is showing positive signs and could continue increasing above $38,000 as we are reading further in the latest bitcoin news.

Bitcoin started a decent increase above the key $35,000 resistance zones and the price is now trading above $35K and the 100 hourly simple moving average. There was a break above the major contracting triangle forming with the resistance of $34,450 on the hourly charts of the pair that could correct a few points but the bulls will aim for another upside above $36,000. After the close of the $34,200 level, Bitcoin’s price started increasing again and broke the main resistance level while settling above the 100 hourly simple moving average.

What’s more important is that there was a break above the major contracting triangle forming with the resistance of $34,450 on the hourly chart of the pair with it gaining bullish momentum and rising to $35,500 levels. Bitcoin’s price gains could now lead the coin higher as a new high was formed near $36,341 it consolidating the gains. The initial support is near these zones and is close to 23.6% fib retracement level. The next major support is nearing the $35,000 level from the 50% fib retracement level recent upwards move from the $33,521 swing low to the $36,341 high while on the upside, the $36,200 level is a short-term resistance and breaking above it could open the doors for another increase towards $38,000 in the near-term.

If BTC fails to clear the $36,200 resistance zone, there’s a risk of another downside correction with one first support near the $35K level. The next key support is close to the $34,550 level where the bulls could protect. If the bulls fail to do so, the price will be able to move towards the $33,000 support level. The hourly MACD for the pair is showing good signs in the bullish zone while the hourly RSI for the pair is well above 50 level. The major support is set at $35K followed by $34,550.  As recently reported, BTC was struggling to gain momentum in either direction but the aggressive selling into the pump suggests that the bears are on an edge over it.
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The slight weakness at the moment was not enough to spark another downtrend but many analysts remained bullish in the short and mid-term.
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