Bitcoin prices began a fresh rally after a new bullish breakout over USD 35,000. The USD 36,000 resistance was lifted by BTC and its rally was extended above USD 37,000. It has traded around USD 37,700 to a new all-time high and is now consolidating above USD 37,120.
Data from Cointelegraph Markets, Coin360 and TradingView revealed that on Wednesday, as protesters stormed the Capitol in Washington DC, Bitcoin received another lift overnight. BTC/USD suddenly headed north after displaying signs of continued momentum during trade the day before, hitting a new high of $37,800. A subsequent retracement sent the pair’s attention on the $37,000 mark by press time on Thursday, with Bitcoin remaining within 10 percent of $40,000.
According to recent order book updates, there was a major resistance in wait at $38,000, with further selling pressure starting at $39,500. Support over $31,000 was less decisive.
“It’s amazing, an amazing year,” Michaël van de Poppe, an analyst at Cointelegraph Markets, summarized in his latest YouTube post. He continued that a “healthy correction” was now much more possible, while the recent price activity was something to be celebrated.