Bitcoin majestically blasts past $3,700 resistance: It’s the bulls' time for revenge
|- Bitcoin adds more than 10% to its value: Pulls the entire market upwards.
- Support must be established above $3,600 to allow Bitcoin bulls to gather the strength.
Bitcoin is on a majestic rise after finding a bottom slightly above $3,300. The largest cryptocurrency by market capitalization has embarked on a journey of breaking barriers to the upside. At present, BTC/USD is trading at $3,705 after correcting higher more than 10% on the day.
The gains come after a period of stability where Bitcoin stayed within a core support range between $3,300 and $3,500. Reclaiming the support at $3,400 opened the door for Bitcoin to correct further up above $3,500 and eventually $3,600.
Moreover, Bitcoin has brushed shoulders with $3,700 and formed highs close to $3,707. The crypto is inclined to continue in the current upward trajectory as the technical levels remain strongly positive. The Relative Strength Index (RSI) (4-hour) range has entered into the overbought region for the first time since February started. The same levels are observed using the slow stochastic oscillator.
Support must be established above $3,600 to allow Bitcoin bulls to gather the strength to attack higher levels toward $3,800 eventually $4,000.
BTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.