Bitcoin price has rebounded and surpassed $37,000, indicating a bullish momentum. It is currently testing the resistance level at $37,750. A significant breakthrough above this level, as well as the $38,000 resistance, could lead to a substantial upward movement.
Source: BTCUSD on TradingView.com
The price is currently above the 100 hourly Simple Moving Average and has broken a bearish trend line. If the resistance levels are overcome, the next targets for Bitcoin could be around $38,800 and even $39,200, with a possibility of reaching $40,000.
However, if the price fails to break the resistance and starts to decline, immediate support can be found around $37,150, followed by $36,700. Further downside movement could lead to support at $36,150 and $35,650. The MACD indicator suggests a slowing bullish momentum, while the RSI is above the 50 level, indicating positive sentiment.
Source: NEWSBTC
