Bitcoin found support near $34,300 and started a strong recovery against the US Dollar. BTC climbed above $38,000, but it is still struggling near $40,000. Bitcoin found support near the $34,300 and $34,500 levels. The price is trading above $38,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $37,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise further if there is a clear move above $39,500 and $40,000. Bitcoin Price Gains Momentum Bitcoin price extended decline below the $35,000 support zone. However, BTC found support near the $34,300 and $34,500 levels. A low was formed near $34,333 and the price started a strong upward move. The price climbed above the $36,500 and $37,000 resistance levels. The bulls were able to push the price above the $38,000 level and the 100 hourly simple moving average. It even spiked above the $39,500 resistance level, but there was no upside continuation. A high is formed near $39,739 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the $34,333 swing low to $39,739 high. Bitcoin is now trading above $38,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $37,600 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is nea...
