2.2 C
New York
Friday, February 16, 2024

Buy now

Bitcoin Steadies above 100 SMA, Here’s How BTC Could Start Fresh Increase

Bitcoin price corrected lower from the $38,000 resistance zone against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh increase in the near term.

Bitcoin is holding a couple of important supports near the $36,000 zone.
The price is currently trading nicely above $36,000 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major increase if it breaks the $37,000 resistance zone.

Bitcoin Price Remains Supported
Bitcoin gained pace above the $35,500 resistance and extended its upward move. BTC even broke the $37,000 resistance level and the 100 hourly simple moving average.
However, the bulls struggled to clear the $38,000 resistance zone. A high was formed near $37,900 and the price recently corrected lower. There was a break below the $37,000 support level. Bitcoin declined below the 23.6% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.
The price is now trading nicely above $36,000 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair.
The pair is also finding bids near the 50% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.

Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $36,800 level. The first major resistance is near the $37,000 level. A clear break above the $37,000 zone could set the pace for a fresh high above $37,900. The next major resistance is near the $38,800 level, above which the price could test the $40,000 zone.
Downside Break in BTC?
If bitcoin fails to clear the $37,000 resistance, it could correct lower. An initial support on the downside is near the $36,200 level.
The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could start another decline. In the stated case, the price is likely to dive towards the $35,000 support.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.
Major Support Levels – $36,000, followed by $35,500.
Major Resistance Levels – $37,000, $38,000 and $40,000.

Kieran Dickens
Kieran Dickenshttp://btcsonic.xyz
I have been a crypto author for over 2 years now and have written for numerous publications. I have a vast amount of experience in the industry and continue to stay up-to-date on all the latest news and developments. My writing is highly accurate and informative, and I always aim to provide value to my readers.

Latest Articles

bitcoin
Bitcoin (BTC) $ 51,785.87
ethereum
Ethereum (ETH) $ 2,836.15
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 353.62
solana
Solana (SOL) $ 113.60
xrp
XRP (XRP) $ 0.569355
usd-coin
USDC (USDC) $ 0.999966
staked-ether
Lido Staked Ether (STETH) $ 2,836.03
cardano
Cardano (ADA) $ 0.599600
avalanche-2
Avalanche (AVAX) $ 41.68
dogecoin
Dogecoin (DOGE) $ 0.085442
chainlink
Chainlink (LINK) $ 20.07
tron
TRON (TRX) $ 0.131277
polkadot
Polkadot (DOT) $ 7.72
matic-network
Polygon (MATIC) $ 0.898822
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,682.85
the-open-network
Toncoin (TON) $ 2.24
internet-computer
Internet Computer (ICP) $ 13.51
shiba-inu
Shiba Inu (SHIB) $ 0.000010
uniswap
Uniswap (UNI) $ 7.36
bitcoin-cash
Bitcoin Cash (BCH) $ 271.06
litecoin
Litecoin (LTC) $ 69.82
dai
Dai (DAI) $ 0.998758
immutable-x
Immutable (IMX) $ 3.16
bittensor
Bittensor (TAO) $ 673.15
cosmos
Cosmos Hub (ATOM) $ 10.32
leo-token
LEO Token (LEO) $ 4.16
ethereum-classic
Ethereum Classic (ETC) $ 26.77
aptos
Aptos (APT) $ 10.21
optimism
Optimism (OP) $ 3.87
blockstack
Stacks (STX) $ 2.55
near
NEAR Protocol (NEAR) $ 3.33
stellar
Stellar (XLM) $ 0.116822
vechain
VeChain (VET) $ 0.044235
kaspa
Kaspa (KAS) $ 0.138837
okb
OKB (OKB) $ 50.73
injective-protocol
Injective (INJ) $ 34.17
filecoin
Filecoin (FIL) $ 5.83
celestia
Celestia (TIA) $ 18.10
lido-dao
Lido DAO (LDO) $ 3.19
first-digital-usd
First Digital USD (FDUSD) $ 1.00
hedera-hashgraph
Hedera (HBAR) $ 0.082481
arbitrum
Arbitrum (ARB) $ 2.08
mantle
Mantle (MNT) $ 0.778145
crypto-com-chain
Cronos (CRO) $ 0.091311
sei-network
Sei (SEI) $ 0.933799
monero
Monero (XMR) $ 126.08
sui
Sui (SUI) $ 1.84
maker
Maker (MKR) $ 2,083.46
render-token
Render (RNDR) $ 4.90