Bitcoin Near Crucial Juncture: Why BTC Could Surge Further

 2022-02-01 10:19:31

Bitcoin price corrected lower below the $38,000 pivot level. BTC even traded below $37,000, but the bulls were active near the $37,650. A low was formed near $36,667 and the price started a fresh increase.


There was a clear move above the $37,500 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USDT pair.


The pair surged above the $38,000 resistance zone. A high is formed near $38,786, and bitcoin is now facing a major resistance near the $38,800 zone.


On the upside, an initial resistance is near the $38,500 level. The first major resistance is near the $38,800 zone. A clear move above the $38,800 zone could push the price further higher. The next key resistance is near the $39,500 zone. If the bulls able to clear the $39,500 level, the price may perhaps clear the $40,000 resistance zone.


If bitcoin fails to start a fresh increase above $38,800, it could start a downside correction. An immediate support on the downside is near the $38,000 zone.


The first major support is seen near the $37,750 zone. A downside break below the $37,500 support zone may perhaps push the price towards the $37,000 support zone.


Technical indicators:


Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.

Major Support Levels – $37,500, followed by $37,000.

Major Resistance Levels – $38,500, $38,800 and $40,000.


DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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