Bitcoin price is up over 15% and trading near the $35,000 resistance. BTC could correct in the short term before it starts another increase.
- Bitcoin started a strong increase after there was speculation of spot ETF being listed DTCC.
- The price is trading above $34,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct in the short term before it resumes its increase.
Bitcoin Price Jumps Over 15%
Bitcoin price started a strong increase after there was speculation of spot ETF being listed DTCC. BTC gained bullish momentum after it broke the $32,000 resistance zone.
There was a decent increase toward the $35,000 resistance zone. A new multi-week high is formed near $35,225 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.Bitcoin is now trading above $34,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.
Source: