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BTCUSD surges amid bullish momentum and eyes $36150.00 resistance. In April 2023, BTCUSD launched a sharp surge that took it to the $28661.00 supply area. After that, the price fell, only to start moving upward again after bouncing off at $24750.00. It invalidated the diagonal resistance on June 20, 2023. The upward trend persisted until a significant high was reached at the $31862.00 price level.
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Two lows formed at the $25235.00 and $24900.00 price levels due to the developing downward correction. As the recent trading range emerged between $28661.00 and $24900.00, the upward trend seemed to have restarted. A retracement into a bullish order block at the discount zone is currently ongoing. This might propel the price into a further surge, thereby heading towards the $36150.00 resistance.
BTC Key Levels
Demand Levels: $24750.00, $22655.00, $19569.00
Supply Levels: $28661.00, $31862.00, $36150.00
What are the Indicators Saying?
The MA Cross eventually indicated a bullish signal as the bulls returned to the market. The indication was supported by the recent change of character that occurred at the invalidation of the previous $28184.00 high. The MACD (Moving Average Convergence Divergence) has also crossed the zero line. This indicates that BTCUSD is likely to keep expanding upward as the market’s environment is now bullish.
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