The Bitcoin price has made a fresh attempt to surpass the $36,000 level in recent hours, but was sharply rejected around that level. After a small correction, we have now reached the level of $ 35,221, which means that an increase of 0.76 percent is still expected in the last 24 hours.
Should we worry about a possible correction or can we look up again?
Bitcoin bulls face a tough task
The bulls have managed to stabilize the Bitcoin price above $34,000, as far as it is possible to talk about stability when it comes to the financial market. On Bitcoin’s hourly chart, bulls managed to climb above the resistance at $35,000 and even briefly defeated the resistance at $35,500.
But around the price of $ 36,000 the bears became active again. As a result, Bitcoin formed a local high around $35,900, before declining slightly from that price.
Now it is hoped that Bitcoin can manage to use the falling blue line in the chart above as a new support point; possibly as a springboard to higher prices.
If Bitcoin manages to break the $36,000 barrier, an interesting rise could be in store.
In any case, Bitcoin is trading in a “free zone” and also above the 100-hour average of the price (red line in the graph).
Important moment for Bitcoin
In any case, an important moment has now arrived for the bulls. If they can keep the price above $35,200, then there is a possibility that we could make another attempt to break the main resistance, which is around $36,000.
A clear break above $36,000 could open the gates towards $37,000, after which we will encounter the next major resistance.
Meanwhile, Bitcoin’s Relative Strength Index (RSI) is starting to lose some momentum, indicating that the bulls’ efforts are getting weaker. Therefore, we may have to carefully look down on the price again.