TA: Bitcoin Has Recovered Sharply, Why Could BTC Rise More Above $38,000?

Bitcoin price started a sharp rise above the $35,000 resistance against the US Dollar. BTC is currently showing many positive signs and it may even rise above $38,000. Bitcoin started a steady rise above the $35,000 and $36,000 resistance levels. The price is currently well above $36,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate further in the near term as it surpasses the $38,000 resistance zone. Bitcoin Price Turns Green Bitcoin found strong buying interest near the $31,000 region and started a steady rise. BTC cleared several key hurdles near $35,000 to move into positive territory. There was a break above a key bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair. The pair even climbed above the $36,000 resistance and the 100 hourly simple moving average. Bitcoin climbed above the $37,000 level and rallied as high as $37,484. It is currently consolidating gains above the $37,000 level. An immediate support is near the USD 36,500 level. The first major support is near the $36,000 zone. It is close to the 23.6% Fib retracement level of the upward move from the $31,050 high to $37,484 high. Source: BTCUSD on TradingView.com The next major support is near the $35,000 level and the 100 hourly simple moving average. The 50% Fib retracement level from the $31,050 high to $37,484 swing high is the next support near the $34,250 level. On the upside, the first major resistance is near the USD 37,500 level. The main resistance is near the $38,000 zone, above which the price could climb towards the $40,000 level in the near term. Are dips supported in BTC? If bitcoin fails to break the $38,000 resistance, it could trigger a downside correction. An initial support on the downside is near the USD 36,500 level. First big support

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