Bitcoin price has crossed the major resistance level of $35,000. BTC is showing positive signs and may rise towards the $36,200 and $37,000 levels in the near term.

• Bitcoin is gaining pace above the $35,000 resistance level.
• The price is trading above $35,000 and the 100 hourly simple moving average.
• There was a break above the ascending channel with resistance at $34,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is showing positive signs and may rise towards the $37,000 resistance level in the near term.

Bitcoin price breaks the hurdle

Bitcoin price remained in a good bid above the $34,000 support area. BTC formed a base, completed the consolidation phase, and recently started a good increase above the $34,750 resistance level.

There was a break above the rising channel with resistance at $34,850 on the hourly chart. The bulls managed to pump the price above the recent swing high of $35,500. It traded to a new multi-week high of $35,945 and is still showing positive signs.

Bitcoin is now trading above $34,260 and the 100 hourly simple moving average. It is also well above the 23.6% Fibonacci retracement level of the recent increase from the swing low of $34,120 to the swing high of $35,945.

On the upside, immediate resistance is near the $35,950 level. The next major resistance could be near $36,200. A clear move above the $36,200 resistance could open the doors for a good 5% increase towards the $37,000 resistance.

Source: BTCUSD on TradingView.com

The next major resistance could be $37,500, above which the price could rise towards $38,000. Any further gains could send BTC towards the $38,800 level.

Are the declines limited in BTC?

If Bitcoin fails to rise above the $35,950 resistance area, it could initiate a downward correction. Immediate support on the downside is near the $35,500 level.

The next major support is near the $35,000 level or the 50% Fibonacci retracement level of the recent increase from the $34,120 swing low to the $35,945 swing high. If there is a move below $35,000, there is a risk of further downside. In the mentioned case, the price may fall towards the $34,500 level or the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is now gaining speed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.

Key support levels – $35,500, followed by $35,000.

Major Resistance Levels – $35,950, $36,200, and $37,000.