- Bitcoin adds more than 10% to its value: Pulls the entire market upwards.
- Support must be established above $3,600 to allow Bitcoin bulls to gather the strength.
Bitcoin is on a majestic rise after finding a bottom slightly above $3,300. The largest cryptocurrency by market capitalization has embarked on a journey of breaking barriers to the upside. At present, BTC/USD is trading at $3,705 after correcting higher more than 10% on the day.
The gains come after a period of stability where Bitcoin stayed within a core support range between $3,300 and $3,500. Reclaiming the support at $3,400 opened the door for Bitcoin to correct further up above $3,500 and eventually $3,600.
Moreover, Bitcoin has brushed shoulders with $3,700 and formed highs close to $3,707. The crypto is inclined to continue in the current upward trajectory as the technical levels remain strongly positive. The Relative Strength Index (RSI) (4-hour) range has entered into the overbought region for the first time since February started. The same levels are observed using the slow stochastic oscillator.
Support must be established above $3,600 to allow Bitcoin bulls to gather the strength to attack higher levels toward $3,800 eventually $4,000.
BTC/USD 4-hour chart
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