Bitcoin price cleared the key $35,000 resistance. BTC is showing positive signs and might rally toward the $36,200 and $37,000 levels in the near term.
- Bitcoin is gaining pace above the $35,000 resistance.
- The price is trading above $35,000 and the 100 hourly Simple moving average.
- There was a break above a rising 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 might rise toward the $37,000 resistance in the near term.
Bitcoin Price Breaks Hurdle
Bitcoin price remained well-bid above the $34,000 support zone. BTC formed a base, completed a consolidation phase, and recently started a decent increase above the $34,750 resistance.
There was a break above a rising channel with resistance at $34,850 on the hourly chart. The bulls were able to pump the price above the last swing high and $35,500. It traded to a new multi-week high at $35,945 and is still showing positive signs.On the upside, immediate resistance is near the $35,950 level. The next key resistance could be near $36,200. A clear move above the $36,200 resistance might open the doors for a decent 5% increase toward the $37,000 resistance.