Bitcoin Signals Fresh Increase, Here’s Why $37K Is The Key

Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA for a steady increase.

Bitcoin is recovering higher from the $35,000 support zone.
The price is currently well below $37,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear $37,000 and the 100 hourly SMA to start a fresh increase in the near term.

Bitcoin Price is Facing Key Resistance
Bitcoin failed to stay above the $37,000 support zone and extended its decline. BTC even broke the $36,000 support level and settled below the 100 hourly simple moving average.
There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price climbed above the 50% Fib retracement level of the recent decline from the $37,915 high to $34,830 low.
There was also a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair is still well below $37,000 and the 100 hourly simple moving average.

Source: BTCUSD on
The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is also near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above $37,000 and $37,200, the price could start a major increase.
The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase.
Fresh Decline in BTC?
If bitcoin fails to clear the $37,000 resistance, it could start a fresh decline. An initial support on the downside is near the $36,000 level.
The first major support is near the $35,500 level. If there is a downside break below the $35,500 support and $35,000, the price could start a sharp decline towards $32,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $36,000, followed by $35,500.
Major Resistance Levels – $37,000, $38,500 and $40,000.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Rollups: Enhancing Scalability for Ethereum and Other Blockchains

In recent years, blockchain technology has gained significant attention for its potential to revolutionize various industries. However, as the adoption of blockchain applications continues...

EHP Technology Is Scientifically Proven By Globally Renowned Institutions

Every new technological development or creation can only gain mainstream traction if it has been verified by relevant authorities to do what it claims...

Securing DeFi Infrastructure: Key Considerations for Developers

With the rapid rise of decentralized finance (DeFi), it has become crucial for developers to prioritize the security of DeFi infrastructure. DeFi offers a...

Environmental Impact of NFTs and its Security Implications

In recent years, Non-Fungible Tokens (NFTs) have gained immense popularity in the world of art, collectibles, and digital assets. However, along with their rise...

Centralized Exchanges (CEX) vs. Decentralized Exchanges (DEX)

Cryptocurrency exchanges play a vital role in the world of digital assets, facilitating the buying, selling, and trading of various cryptocurrencies. When it comes...

Enhancing Transparency and Trust with Smart Contracts

In today's digital age, where trust and transparency are crucial elements for successful business transactions, smart contracts have emerged as a groundbreaking solution. With...

Tune.FM’s New Music NFT Marketplace Will Disrupt the Music Industry

MIAMI, FL, May 04, 2023 - Tune.FM, the groundbreaking web3 decentralized music streaming platform and music NFT marketplace, announces the launch of its music...

Liquidity Pools: Boosting DeFi Growth and Adoption

Decentralized finance (DeFi) has taken the financial world by storm in recent years, and one of its key features is liquidity pools. Liquidity pools...