Bitcoin [BTC] price broke over its initial resistance at $36k after a near 13% rise earlier on Wednesday. The subsequent resistance level is seen at $40k, which capped upside moves over the past fortnight.
The short-term trend is improving after a series of lower-cost highs since May. The weekly chart is showing initial signs of downside exhaustion, which could stabilize the month-long corrective phase.
Bitcoin returned above the 100-day moving average on the 4-hour chart and is approaching short-term overbought levels.
Buyers could remain active towards $40k, which is additionally near the 200-day moving average. The leading cryptocurrency was trading at the price near to $37k at the reporting time.
If a pullback occurs, bitcoin should find initial support around $34k. Lower support around $30k was tested multiple times over the past fortnight as buyers return.
Bitcoin needs to break away from the short-term consolidation phase to take care of the bull run uptrend. For now, recoveries appear limited given strong overhead resistance.