return.

Bitcoin is catching momentum following the retesting of support at $32,000. As reported on Wednesday, it was unlikely the lower support at $30,000 would be rested. Simultaneously, the leg up to $40,000 was only possible if BTC/USD closed the day above $36,000.

The largest cryptocurrency has extended its price action above $38,000. The break past the 50 Simple Moving Average must have increased investors' confidence in the uptrend. A daily close above $38,000 may see BTC explode to $40,000 and perhaps reach new record highs.

BTC/USD 4-hour chart

On the flip side, the Bitcoin bullish narrative will be thrown out the window if a correction occurs under $38,000. The 50 SMA might absorb some of the selling pressure, but some of the most formidable support levels sit at $36,000, $34,000 and $32,000. The level at $30,000 is home to BTC's primary support.

Ethereum has just broken above the x-axis of an ascending triangle. This move is occurring after Ether took back the support at $1,100. The plunge to $900 also allowed more investors to join the bullish market.

A horizontal line can be drawn along with the swing highs, while a rising trendline developed along with the swing lows.

A recent spike in the buying pressure behind the largest altcoin allowed it to break above the overhead resistance. At the moment, ETH could shoot up nearly 17%, revisiting the recent yearly high on the ascending triangle formation.

ETH/USD 4-hour chart

On the downside, if the upswing becomes unsustainable, ETH price may retest the x-axis. Breaking under this crucial level would call for more sell orders as some investors prefer to cash out before the price dips further. Overhead pressure could see Ethereum tumble to the $1,100 and $1,000 support areas.

Ripple's upside is still capped under $0.3 as well as the 50 SMA. The cross-border token seems to be embracing another consolidation, as observed using the Bollinger bands. The middle boundary protects XRP from falling to $0.29, as explained earlier.

As the Bollinger bands constrict, XRP/USD nears its ultimate breakout. To ascertain an uptrend beyond $0.3, support at the Bollinger Bands middle boundary must hold. Buying activity is likely to rise once Ripple spikes past $0.3. The target to the upside is $0.35, but the 200 SMA may limit further price action.

XRP/USD 4-hour chart

It is worth keeping in mind that Ripple selling pressure will intensify if the 50 SMA rejects the price. More losses will come into the picture on XRP breaking under the middle boundary. The support areas likely to be tested include $0.275 and $0.25.

approximately 8% to climb to around $37,254.00, surpassing the previous high record experienced on January 3 when it was trading at $36,190 in the late afternoon, in Eastern Standard Time (GMT-5).On Monday, January 4, Bitcoin had dropped its price by as much as 17%, but its bull run appears far from over.

Vijay Ayyar, Head of Business Development at Luno cryptocurrency exchange in Singapore, said:

“Clear bull market, and we’re not getting 30 per cent to 40 per cent drops like in 2017. The market is more mature with bigger buyers. Keep in mind though that we’re in a parabolic phase and they do top out.”

Matt Long, head of distribution and prime products at OSL crypto brokerage firm in Hong Kong, said that while the latest price swings are part of the past boom and bust cycles, Bitcoin’s ability to reverse its price fall so quickly this week indicates institutional investors are not abandoning the crypto space.

Long said: “Monday’s dip was instructive as institutional investors used the opportunity to buy in. Institutional investment is firmly in the digital asset sector, and potentially accelerating.”

Likewise, Stephen Innes, chief global market strategist at Axi, said: “The chase higher is back based on the notion that bigger main street investors are interested in building longer-term positions.”

Bitcoin as a Hedge Against Market Risks

Bitcoin offers a hedge against risks such as inflation and a weakening dollar in an economy thriving on monetary stimulus. The crypto’s dizzying rally has attracted interest among Wall Street giants, with several institutions seeking to capitalize on the impressive returns being offered by the digital asset.

so important, the process can still seem daunting to brands. VeChain and Blue Bite make the process simple and straightforward.  With VeChain’s extensive experience in the deployment of blockchain technology in real business scenarios, the one stop data BaaS platform VeChain ToolChain (TM) has become the market’s business-ready standard tool for blockchain integration and adoption.  VeChain ToolChain (TM) is characterized by its high standardization, light cost and flexible payment in the market, and is easily implemented by businesses in every sector. “With VeChain ToolChain (TM), any sized business, no matter how large or small, can utilize blockchain technology to further enhance brand perception and value as well as to expand into new business models using immutable data,” writes the company. In other words, the blockchain provides a record of who did what to which assets related to the product, all with recorded time and location attributes.  This infrastructure provides a platform to host the services described above and more, including “product lifecycle management, supply chain process control, data deposit, data certification, and process certification.” With VeChain as the infrastructure, Blue Bite becomes the simple-to-use interface for brands, consumers and any other invested parties to access the secure ledger created by  blockchain at any step along the way. Blue Bite transforms products into digital platforms using connecting technologies. This often takes the form of NFC tags embedded into products that consumers access by scanning the tags with their phones. Other connecting points may be RFID tags accessible by specific readers throughout the supply chain. This digital platform becomes even more powerful when it also serves to connect to the blockchain. Any party that needs to access the record (either to view or to edit) can do so simply by scanning the connecting technology. The secure infrastructure of the blockchain has never been so easily accessible. Because the BaaS is your blockchain infrastructure layer, proof of concept now happens with little-to-no lead time and is built to scale, even for the enterprise. A shoe company is expanding its sustainability initiatives by creating a certificate verifying that each product in a new shoe line is made of 100% recycled materials.  During the manufacturing phase, the recycled source materials for the shoe can be entered directly into the blockchain ledger using the digital interface, and can be verified with a certificate. This certificate is also recorded on VeChain’s Thor Blockchain infrastructure. This is all accessible by the consumer through an NFC tag embedded into the tongue of the shoe. By tapping the tag with a phone, the Blue Bite-powered digital experience provides the consumer access to view the secure record with the certificate. This provides peace of mind that their shoes are indeed made of 100% recycled materials.  It’s data they can trust. Going further to add even more value, the brand can use this same digital experience to add additional information about the shoes, including where they can be recycled at the end of their product life. This brings the sustainability efforts full circle and helps the brand on their way to participating in the circular economy. When combining the straightforward and powerful infrastructure created by VeChain with the easily accessible interface of Blue Bite, brands see the advantages of blockchain easier than ever before. 

world, according to Asset Dash, which tracks stocks, exchange-traded funds and cryptocurrencies.

Less than two weeks ago Bitcoin surpassed Visa on this list. Then, just five days later, BTC overcame a $ 70 billion deficit to overtake Berkshire Hathaway, the company run by Warren Buffett. Since then, BTC has also moved past the equity value of Taiwan Semiconductor Manufacturing. Bitcoin also overtakes one Blue-Chip company.

Apple leads the list with a market capitalization of 2.23 trillion USD, followed by Microsoft ($1.65 trillion), Amazon ($1.62 trillion), Google-the parent company, Alphabet ($1.18 trillion) and Facebook ($773 billion).

Top places 6 to 8 look achievable if Bitcoin can continue its upward swing. The shares of the Chinese group Tencent are worth US $ 698 billion, Elon Musk’s Tesla has a market capitalization of us $ 697 billion and the Chinese Tech company Alibaba is worth US $ 650 billion, just US $ 12 billion more than the market capitalization of BTC.

The capitalization of the crypto market exceeded $1 trillion

For the first time, the crypto market has achieved a total capitalization of $ 1 trillion. This is a significant event for the industry, which has shown astronomical growth in recent years, the crypto capitalization increased by 420%.

At the same time, a large part of the value comes from Bitcoin, which currently has a dominance of approximately 68%. The second place in the market price is of the Ethereum Ethereum (ETH).

Over the past years, the top 10 cryptocurrencies have constantly changed, at the moment the first and second place remained for BTC and ETH, while the popular stablecoin USDT (Tether) settled on the third.

Bitcoin is the best, It will not stop here.

the DeFi market appears to be moving towards another round of massive price movements.

Coinbase announced the order book expansion via a blog post published on Dec. 1. According to the announcement, Coinbase Pro is set to offer new order books for popular DeFi “coins” including Yearn.Finance (YFI) and Uniswap (UNI).

The order book expansion plan comes on the heels of the platform discontinuing margin trading due to pressure from regulators.

Starting from Dec. 8, Coinbase Pro will allow users to trade some blue-chip DeFi coins against bitcoin. Apart from YFI and UNI, the other tokens involved are Chainlink (LINK), Algorand (ALGO), and Loopring (LRC). The plan will also introduce support for the Zcash (ZEC)-BTC trading pair.

According to Coinbase Pro, the roll-out of the expansive plan will proceed via three stages; post-only, limit only, and full trading. It added:

The announcement says Coinbase Pro will provide regular updates as to the status of each order book. These tokens are already part of the platform’s trading catalog and tradable against the USD Coin (USDC). Coinbase Pro first listed YFI back in early September.

Coinbase Pro’s announcement comes amid a resurgence in DeFi token prices within the general bullishness of the crypto market.

Indeed, data from DeFi aggregator DeFi Pulse shows an almost 30% increase in total value locked (TVL) in the Ethereum DeFi space. As of press time, TVL is only $250 million shy of its all-time high (ATH) value.

As previously reported by BeInCrypto, some crypto traders tip DeFi/BTC pairs to post between 50% and 100% gains in the short term. YFI is up over 180% in the last 30-day trading period.

Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

highlighted five DeFi assets that he believes are set to take off in the coming weeks, predicting price gains between 50 and 100 percent. 

The popular analyst told his 71,000 Twitter followers DeFi provides the “maximum opportunity” for gains in the current market, with pairs against BTC looking to move higher. 

Smart Contracter pointed to AAVE, SNX, SUSHI, UNI, CVP, and YFI as crypto-assets to follow, calling it a DeFi “blue chip” altseason. The trader predicted all five coins would outperform BTC in the coming weeks, with SUSHI leading the pack. 

According to the crypto strategist, AAVE has the most bullish looking chart among top fifty altcoins and is already up sixty-four percent since the end of November. 

Smart Contracter also predicted Sushiswap competitor Uniswap (UNI) would undergo a rally in the coming weeks, leading to price growth of fifty-five percent. 

Featured Image Credit: Photo via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

said, one analyst believes that so-called blue-chip altcoins will experience notable strength first, as they were the first ones to selloff last month when the market started reversing.

The same analyst also believes that the recent DeFi bull run will play a critical role in the next bull run, as it proved that Ethereum can be used for more than being a platform for “scammy ICOs.”

He concludes that the crypto market is about to enter the “golden, fabled bull run.”

At the time of writing, Bitcoin is trading up just over 1%. After dipping as low as $11,200 overnight, it is now trading at its current price of $11,500, marking a fresh local high.

It remains stuck below the heavy resistance laced between $11,600 and $11,800, but a firm break above this region could be all that it takes for BTC to enter a fresh bull run.

This latest push higher has created a tailwind for the entire market, with major altcoins rallying higher in tandem with BTC, while smaller altcoins – like those residing within the DeFi sector – also see some tempered momentum.

If BTC stabilizes around its current price levels or continues pushing higher, investors may be more prone to regain exposure to higher risk assets within the market.

One trader believes Bitcoin is about to enter its “fabled bull run” phase in Q4 of 2020.

He also contends that this will cause the entire market to skyrocket, with the altcoins that sold off the earliest over the past few months leading the next rally.

This bullish sentiment could prove to be justified if Bitcoin breaks above the resistance that sits just above where it is currently trading at.

$7,500 and saw a massive overnight surge up towards $18,000.

From this point forward, the cryptocurrency has been climbing higher every week, showing signs of strength and creating tailwinds for the rest of the market.

YFI wasn’t the only “blue-chip” sector benchmark that reversed its downtrend earlier this month, as many other major tokens rallied in tandem.

This sector-wide movement was bolstered by the strength seen by Bitcoin, Ethereum, and the rest of the cryptocurrency market.

ETH’s rise has been particularly impactful for smaller DeFi assets that gain most of their trading volume from Uniswap, as their 50/50 pools are denominated in Ethereum.

One investor is now noting that although these higher-beta DeFi assets have been widely expected to outperform the rest of the market, they are lagging far behind the supposed “benchmark” tokens within this sector.

Ethereum has been guiding the altcoin market as of late, with its price action largely hinging upon Bitcoin.

Currently, ETH’s bulls and bears are battling to hold the cryptocurrency above $600. The selling pressure seen above this price level has been significant and may continue hampering its price action until Bitcoin can break above its all-time highs.

The DeFi perpetual swap basket on FTX – which tracks the performance of a handful of the top sector-specific projects – is up from its monthly lows of $800, with its current price sitting around $2,400.

This, however, marks a massive decline from its recent highs of $6,000 that were set just a couple of weeks ago. This indicates that investors are uncertain about where this fragment of the market will trend next.

It is important to keep in mind that this gives a general indication of the sector’s performance, as the DEFI-PERP’s exact price is influenced by margin use, funding rates, and other metrics.

One prominent investor noted in a recent tweet that the DeFi sector is growing more efficient, with the larger projects outperforming their smaller counterparts.

Where Bitcoin and Ethereum trend in the mid-term will undoubtedly influence the DeFi sector. Until fresh retail money flows into the market and investors grow keen on seeing multipliers, the larger tokens may continue outperforming the smaller ones.

press time, bitcoin is testing the support at $33,900 while also being in a state of limbo.

The 4-hour chart shows the recent drop came after bitcoin broke the support at $38,633. Since this breach, the sellers have managed to push bitcoin past the short-length EMA [orange] and the mid-length EMA [purple]. While the selling pressure has reduced, the price is using the long-length EMA [blue] as support. A bounce from this level is likely, however, not guaranteed.

Considering the overhead resistance, it is not completely unlikely for buyers to push through the short and mid-length EMAs. However, a rejection here would push the price down.

The RSI indicator seems to indicate the bounce just before the oversold zone confirming the buying pressure at the current support level. Moreover, the bullish divergence between the price and RSI shows that buyers might not just be able to hold this level, but even push the price higher.

The OBV doesn’t show a large volume drop off during the recent crash, indicating that a recovery is likely to be swift.

The MACD indicator showed a dip of the fast-moving line [blue] below the zero-level. The same was observed with the Stochastic indicator which has multiple failed reversals in the oversold zone, where it still stands.

Although it looks bearish, the surge in bitcoin’s price in the last few days is not just FOMO but backed by real investors pumping cash. Hence, even with the parabolic ascent in price, this recent crash is just a correction with prices expected to rise higher without any doubt.

Litecoin, Synthetix, Ethereum Classic Price Analysis: 11 January

Why Bitcoin’s 20% drop bodes well for the coin

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

volatility, with its charts seeing very dull price movement. Despite its strong bond with Bitcoin, Litecoin has been consolidating on the charts, with LTC yet to see strong price movement. At the time of writing. the price of LTC was $127 while noting the emergence of strong selling pressure.

Litecoin one-hour chart

According to the attached chart, Litecoin’s market has been consolidating between $123.67 and $132.62. However, since the coin has been moving within this range for a while now, the chances of a drastic price swing have been low. The cryptocurrency’s price was moving lower towards the support at $123.67, and traders may want to mitigate some losses by shorting this position.

Reasoning

The Bollinger Bands were indicative of the reduced volatility in the market. However, as such an erratic price movement has been witnessed before, the sudden selling pressure could increase the volatility briefly. The Relative Strength Index, while once close to the equilibrium zone, was pointing lower, signaling the emergence of selling pressure.

As previously noticed, the $123-level has been a strong support level, with the price reverting from this point. Even if the price continued to fall beyond this level, it may not drop to a great extent. The MACD line suggested an indecisive market, as the bars had also reduced. This affirmed the sideways movement of the digital asset.

Conclusion

Litecoin’s market did not witness a strong price swing and looking at the short-term market, a price swing may not be in the picture yet. As the selling pressure increases, given the downward trending price, the traders may be able to make a meager profit, but not a significant one. However, given its strong correlation with BTC, a fall might be imminent in the longer-term.

Cardano’s on-chain governance meant to restrict exchange participation

Bitcoin being ‘favorite’ of criminals: Gauging impact of guilt by association

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Litecoin Price Analysis: 03 January

Litecoin Price Analysis: 26 December

Litecoin Price Analysis: 22 December

Litecoin Price Analysis: 20 December

Litecoin Price Analysis: 15 December

Litecoin price analysis: 13 December

will likely help in further driving the rally, while Basic Attention Token also looked poised for a break out above $0.27.

Using the Fibonacci retracement tool for ETH’s move from a swing low at $551 to a swing high at $1291, some important levels of retracement are highlighted.

Since rising past $800, ETH bulls have been in utter control and, apart from a couple of trading sessions whose volatility saw prices swing downward by 10% or more, the ride to $1200 has been relatively smooth. Strong trading volume pointed toward market conviction.

A bearish divergence was spotted between price and momentum that saw the price fall to the $1150 level of support. The short-term dip seems to have been halted and the divergence has played out.

The Gann fan lines from TRX’s swing low at $0.0237 represent potential support and resistance lines. It can be seen that the 1:1 line did indeed act as resistance and caused TRX to retreat as low as $0.028 before moving above $0.03 once more.

The OBV showed that buying volume has been on the side of the bulls as it showed a series of higher lows. This indicated that buying pressure continued to drive the rally.

At the time of writing, the 1:1 resistance test formed a hanging man candlestick pattern and a V-top pattern. If $0.03 is flipped to support over the next few hours, another move past $0.032 is likely for TRX.

The Bollinger bands were wide open following BAT’s rapid ascend from $0.2 in early December to test resistance at $0.27. The price dipped and closed a trading session at $0.25, forming a higher low and indicating the move to the upside was likely not yet over.

The Awesome Oscillator showed that the bullish momentum was still present behind BAT, while the Stochastic RSI was in the oversold region.

Despite the pullback, BAT prices continued to stay above the 20 SMA, affirming the strong short-term bullishness.

Bitcoin: Why there is scope for greater volatility

Here’s why the 3rd Bitcoin cycle is different from the previous ones

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

Ethereum, Dash, Dogecoin Price Analysis: 14 January

Ethereum, Aave, Zcash Price Analysis: 13 January

Bitcoin Cash, Basic Attention Token, DigiByte Price Analysis: 12 January

Ethereum, EOS, BAT Price Analysis: 11 January

Cardano, Aave, BAT Price Analysis: 10 January

XRP, Tron, Ethereum Classic Price Analysis: 10 January

jumped nearly 12 percent on Tuesday to top the previous record high of $34,544.94 after a dizzying climb.

Bitcoin's latest surge comes as results from the Senate runoff election in Georgia are coming in. Some a speculating a Democrat-controlled Congress could exacerbate current inflation concerns shared by many bitcoin investors.

READ MORE: JPMorgan: Bitcoin emergence as digital gold could lift price to $146,000

Consecutive new records

Bitcoin's record-breaking and volatile 2020, aided by increased popularity among individual investors, could be set for calmer times according to specialists, despite the new year starting with more sizeable swings.

Having quadrupled in price last year also on strong institutional interest, the leading virtual currency soared by 20 percent in just 72 hours to reach an all-time high $34,792 on Sunday.

On Tuesday around 1630 GMT it stood at $32,570.

Since mid-December, "you finally saw (individual)... investors come in", noted Antoni Trenchev, co-founder of specialist cryptocurrency platform Nexo.

Price swings

Bitcoin purchases have opened up to the wider public thanks to the ability to buy fractions of one whole unit, while Paypal account holders can now use the virtual currency for online transactions.

But even buying fractions of one bitcoin can leave small investors with big losses.

"If you want to get caught up in day-to-day movements, you need to be a pro with the stomach for stormy waters," Trenchev told AFP.

"There's no certainty in any asset class, bitcoin least of all," he cautioned.

The cryptocurrency's recent highs were achieved at weekends and during the festive period when many brokers were away from work.

In its 12-year history, bitcoin has suffered several wild price swings with rebounds not always immediate.

Debate rages over the status of the digital asset, launched in late 2008, as to whether it should be considered a form of money, an asset or a commodity.

READ MORE: Bitcoin continues winning streak, sets another record

a webinar ‘Blockchain technology application in agriculture’ continued with another webinar themed ‘Application of Blockchain technology in animal husbandry’ on January 5, 2021.

During the webinar, the participants got acquainted with Mongolian meat processing and meat factories and discussed the application of blockchain technology in animal husbandry.

The business forum will take place until February 4 with more webinars, namely the Development of business relations of the two countries through smart cities, and Smart City and Application of Blockchain Technology on January 7, Coking coal export to India, and Geology and Mining Sector and Application of Blockchain Technology on January 21, as well as Oil refinery project and Blockchain Technology on February 4. 

Mongolia-India Business Forum is being attended by Ambassador of the Republic of India to Mongolia M.P. Singh, FAO Representative in Mongolia Vinod Ahuja, Director of Mastercube IOT LLP Surinder Kumar Kalra, founder of concepts of Smart city and Blue economy P. Sekhar, CEO of Mongol Refinery state-owned company D. Altantsetseg and others.

a saving asset rather than a consumable asset like fiat.

Being long Bitcoin also means Yusko has a few strong opinions about government-controlled economies. He decried the monetary easing policies that world banks rolled out during the pandemic, greatly increasing money supply and hyperinflating assets like stocks.

He also spoke out against corrupt American politics, pointing to a potential disaster in the markets.

“I don’t think it’s the president that really matters,” said Yusko, stating that Congress poses a greater threat to economic stability. Equally, the domination of the Senate, Congress, and Presidency by the Democrat party could pose a threat to economic stability.

Yusko believes that with no opposition, the Democrat party will be more incentivized to stay in power than make sound political decisions. He clarified that he was not necessarily supporting either party, dismissing partisan politics altogether.

“There’s no right or left. There’s in or out,” says Yusko, referring to politicians seeking to be in power. Yusko stated that the checks and balances originally built into the U.S. political system had been undermined by corporate lobbying.

Yusko’s comments highlight the importance of the Georgia senate runoff elections coming up in January. 

The GOP and Democrats currently have an even number of senate seats. With two senate seats up for grabs in Georgia, the January election could tilt the balance of power towards either the Republican or Democrat party, as the senate is now evenly split. As economist and Bitcoin analyst Alex Krüger recently pointed out to Crypto Briefing, a Democrat victory in Georgia could inflate the dollar and result in more monetary easing than a Republican victory. 

However, Krüger also said that inflation would lead traders to seek hedges and safe havens like bitcoin. 

While a so-called Blue Wave will likely harm the broader U.S. economy, an uptick in inflation could end up being extremely bullish for Bitcoin.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

minor decline, bitcoin price regained strength above the $34,000 level. BTC started another strong increase and it broke many hurdles near the $35,500 and $36,500 resistance levels.

The price even spiked above the $37,000 level and settled well above the 100 hourly simple moving average. It traded to a new all-time high close to $37,400 and it is currently consolidating gains. An initial support on the downside is near the $36,650 level.

The 23.6% Fib retracement level of the recent surge from the $34,378 swing low to $37,394 high is near the $36,682 level. There is also a major bullish trend line forming with support near $35,880 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the recent surge from the $34,378 swing low to $37,394 high. On the upside, the $37,250 and $37,400 levels are initial hurdles for the bulls.

A clear break above the $37,400 level will most likely open the doors for a larger increase. In the stated case, the price could even jump towards the $38,500 and $39,800 levels in the coming sessions.

If bitcoin fails to clear the $37,250 and $37,400 levels, it could start a short-term downside correction. An initial support on the downside is near the $36,650 and $36,500 levels.

The main support is now forming near the $35,800 level and the bullish trend line. Any more losses may possibly start a major downside correction towards the $33,000 level or the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.

Major Support Levels – $36,600, followed by $35,800.

Major Resistance Levels – $37,400, $38,500 and $39,800.