Luna Foundation Guard has acquired an additional $1.5 billion of BTC, surpassing Tesla as the second largest corporate holder of BTC valued over $3 billion.
Bitcoin found support near $35,550 and started a fresh increase against the US Dollar. BTC must clear $38,000 for additional upsides in the near term. Bitcoin corrected lower but the bulls were active near the $35,550 zone. The price is now trading above $37,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if there is a clear move above the $38,000 resistance. Bitcoin Price Finds Support Bitcoin price started a downside correction from the $38,500 resistance zone. BTC declined below the $36,500 level and the 100 hourly simple moving average. However, the bulls were active near the $35,550 zone. A low was formed near $35,550 and the price started a fresh increase. There was a clear move above the $36,200 and $36,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair. The pair is now trading above $37,000 and the 100 hourly simple moving average. It is testing the $37,200 resistance zone. It is near the 50% Fib retracement level of the recent decline from the $38,899 swing high to $35,550 low. On the upside, an initial resistance is near the $37,250 level. The first major resistance is near the $37,650 zone. It is near the 61.8% Fib retracement level of the recent decline from the $38,899 swing high to $35,550 low. Source: BTCUSD on TradingView.com The main resistance is still near the $38,000 zone. An upside break above the $38,000 resistance could start a steady upward move. The next key resistance is near the $38,500 level, above which the bulls might gain strength. More Losses in BTC? If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $36,500 zone. The first major support is seen near the $35,550 zone. A downside break below the $35,550 support zone may perhaps push the price towards the $34,000 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $36,500, followed by $35,550. Major Resistance Levels – $37,650, $38,000 and $38,500.