After the price of Bitcoin hit a low of around $31025, it began a gradual recovery. And thanks to the positive news, this recovery has intensified. The BTC/USD pair managed to rise above the resistance levels of $33600, $35000, $36600 and came close to the mark of $38000.
After the price dropped to the area of $31000, consumer demand increased, which was the beginning of the recovery. And thanks to the increased growth, the BTC/USD pair broke through the downtrend line and begin to form an uptrend on the hourly chart. Also, thanks to this growth, the BTC/USD pair climbed above the 100-hour moving average. And now the level of $35000 provides additional support for the pair. The nearest support is near the level of $36500.
We see that the BTC/USD pair did not manage to overcome the mark of $38000 the first time and it began to consolidate. At the time of publication, the BTC/USD pair is trading around $37500. The area of $37500-38000 provides immediate resistance for the pair. If the pair manages to overcome this area, the price may rise to the level of $40000 in the near future.
If the resistance area turns out to be insurmountable for the BTC/USD pair, it may start a new bearish correction. In this case, major support is around the level of $36000. It is followed by the $35000 support level, which is supported by the 100-hour moving average.