By Shayan

Bitcoin has been displaying a gradual uptrend, surpassing the $35K resistance region. Nevertheless, the price now encounters several resistance zones ahead, while a bullish breakout has the potential to trigger a significant uptrend.

The Daily Chart

Upon examining the daily chart, Bitcoin has sustained a noticeable uptrend within an ascending channel pattern, ultimately surpassing the $35K resistance region.

In the meantime, a noteworthy development occurred, where the 100-day moving average crossed above the 200-day moving average at $28,500, indicating a golden cross. This golden cross signals prevailing buying pressure and suggests a potential bullish market.

However, the path forward is marked by multiple resistance regions, notably the substantial $40K psychological resistance and the upper trendline of the ascending channel.

A successful rally of this pivotal range by buyers could pave the way for a positive mid-term trend, potentially targeting higher resistance zones. Despite this, considering the overheated futures market, a consolidation correction phase with minor retracements remains likely. In such a scenario, the middle boundary of the ascending channel and the $35K support zone would provide initial support for buyers.

On the 4-hour chart, it is evident that Bitcoin has maintained robust upward momentum over the past months. The recent breakout above the decisive $35K resistance, while emphasizing market demand, is accompanied by low momentum, raising the possibility of a fakeout.

Additionally, a bearish divergence between the price and the RSI indicator also suggests the potential for a short-term retracement. If sellers outpace buyers, a long squeeze event could occur, with key support levels at the substantial $35K support and the 0.5 Fibonacci retracement level at $32,300. Conversely, if demand surpasses supply and market momentum intensifies, an imminent breakout will likely lead to a robust price sur