{"id":32154,"date":"2023-11-09T03:52:37","date_gmt":"2023-11-09T07:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32154"},"modified":"2023-11-09T03:52:37","modified_gmt":"2023-11-09T07:52:37","slug":"bitcoin-price-breaks-36k-is-this-start-of-a-fresh-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/09\/bitcoin-price-breaks-36k-is-this-start-of-a-fresh-rally\/","title":{"rendered":"Bitcoin Price Breaks $36K \u2013 Is This Start of A Fresh Rally?"},"content":{"rendered":"

Bitcoin price finally cleared the $36,000 resistance. BTC is showing positive signs and might continue to rise toward the $37,500 resistance.<\/em><\/p>\n

Bitcoin gained pace for a move above the $36,000 resistance zone.
\nThe price is trading above $36,000 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is consolidating gains and might continue to rise toward $37,500.<\/p>\n

Bitcoin Price Spikes Higher<\/h2>\n

Bitcoin price remained well-bid above the $35,000 support zone<\/a>. BTC formed a base above the $35,500 zone and finally started a decent increase. It broke the key hurdle at $36,000 to start a fresh rally.<\/p>\n

There was a spike toward the $36,500 level. A high is formed near $36,525 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.<\/p>\n

Bitcoin is also trading above $36,000 and the 100 hourly Simple moving average<\/a>. Besides, there is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC\/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $36,500 level. The next key resistance could be near $37,000, above which the price might accelerate further higher. In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to rise above the $36,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,150 level.<\/p>\n

The next major support is near the $35,800 zone or the trend line. If there is a move below $35,800, there is a risk of more downsides. In the stated case, the price could decline toward the key support at $35,000 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $36,150, followed by $35,800.<\/p>\n

Major Resistance Levels \u2013 $36,500, $37,000, and $37,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price finally cleared the $36,000 resistance. BTC is showing positive signs and might continue to rise toward the $37,500 resistance.<\/em><\/p>\n

Bitcoin gained pace for a move above the $36,000 resistance zone.
\nThe price is trading above $36,000 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is consolidating gains and might continue to rise toward $37,500.<\/p>\n

Bitcoin Price Spikes Higher<\/h2>\n

Bitcoin price remained well-bid above the $35,000 support zone<\/a>. BTC formed a base above the $35,500 zone and finally started a decent increase. It broke the key hurdle at $36,000 to start a fresh rally.<\/p>\n

There was a spike toward the $36,500 level. A high is formed near $36,525 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.<\/p>\n

Bitcoin is also trading above $36,000 and the 100 hourly Simple moving average<\/a>. Besides, there is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC\/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $36,500 level. The next key resistance could be near $37,000, above which the price might accelerate further higher. In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to rise above the $36,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,150 level.<\/p>\n

The next major support is near the $35,800 zone or the trend line. If there is a move below $35,800, there is a risk of more downsides. In the stated case, the price could decline toward the key support at $35,000 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $36,150, followed by $35,800.<\/p>\n

Major Resistance Levels \u2013 $36,500, $37,000, and $37,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32154","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32154"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32154\/revisions"}],"predecessor-version":[{"id":32168,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32154\/revisions\/32168"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32154"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}