Cryptoanalysis: Bitcoin Surpasses $37,500

It seems that no matter what currency you are in, almost the entire crypto market is turning green. Bitcoin still has a major influence on this, so it’s good to keep an eye on the market leader. What happened today? Let’s look at the graphs.

Bitcoin is moving fast

We don’t start this analysis with the weekly chart, but with the daily chart. Here each candle represents 24 hours and here we see the major price levels of Bitcoin. We leave the black line at $25,000 (since it is no longer relevant).

The gray zone and especially the blue and yellow lines still apply. Don’t waste too many words on the gray area: this is where Bitcoin faced the most resistance in 2023. Breaking this barrier gave BTC a huge boost to $35,000.

Here the coin encountered a small resistance around $35,380 and as I mentioned in the previous analysis, this could lead to a further rise towards $37,500. The coin subsequently failed to reach deeper lows, a prerequisite for further gains, and quickly rose again after yesterday’s breakout.

It came to $37,500

To analyze this further, let’s take a quick look at the 1-hour chart. Here each candle represents 60 minutes. Here we see the scenario described in more detail. After initially hovering just above the blue line, Bitcoin continued to rise, reaching $37,500.

As I mentioned in previous analysis, this could very well be a point of resistance, but since the market still looks very strong, BTC may ignore this completely. Due to the significant volatility, it remains to be seen where Bitcoin will find peace again.

The currency is still making higher highs and higher lows and shows no sign of slowing down. I therefore think that we are unlikely to return to the lower zone in the medium term. If the yellow line is broken, the blue line can also become a thing of the past.