“Bitcoin’s meteoric rise continues as bulls set their sights on fresh highs, fueling speculation of a potential 10% surge in the near future, leaving investors on the edge of their seats.”
Bitcoin price is showing signs of a potential rally as it stays above the $33,200 support zone. The price is currently trading above $34,000 and the 100 hourly Simple Moving Average, indicating a positive trend. There is a major bullish trend line forming with support near $34,220 on the BTC/USD hourly chart.
If Bitcoin can break above the $35,000 resistance zone, it could start a fresh surge. The next key resistance levels to watch out for are $34,750 and $35,200. A clear move above $35,200 might lead to another surge, with the potential to reach $36,500 and even $38,000 in the coming days.
On the downside, immediate support is near the $34,200 level and the trend line. If Bitcoin fails to rise above the $35,000 resistance zone, it could experience another decline. The next major support is near $33,250, and a move below this level could lead to further downsides, potentially reaching the $31,500 level.
In terms of technical indicators, the MACD is gaining pace in the bullish zone, while the RSI for BTC/USD is above the 50 level, indicating a positive sentiment.
Overall, the current price action suggests that Bitcoin is aiming for more gains, but it needs to break above the $35,000 resistance zone to confirm a fresh rally. Traders and investors should closely monitor these key levels and indicators for potential trading opportunities.