Bitcoin Struggles to Break $35,000 Resistance
The price of Bitcoin is currently facing resistance at the $35,000 level. Despite trading above $33,500 and the 100-hourly Simple Moving Average, there is a bearish trend line forming with resistance near $34,120 on the BTC/USD pair’s hourly chart.
Bitcoin Price Holds Key Support
Although Bitcoin failed to close above the $35,000 resistance zone, it managed to stay above the $34,000 level after a decline. The price formed a low around $33,717 and is still well above the 100-hourly Simple Moving Average. It is gradually moving higher and has broken the 23.6% Fibonacci retracement level.
The immediate resistance lies near $34,100, with a bearish trend line forming at around $34,120. The next key resistance levels are around $34,550 and $35,000.
Possible Decline in BTC?
If Bitcoin fails to surpass the $34,550 resistance zone, it might experience another decline. The initial support is at approximately $33,700, followed by the major support at the $33,400 level and the 100-hourly Simple Moving Average.
In case of a move below the 100-hourly SMA, there is a risk of further downsides and a potential drop towards the $31,500 level in upcoming sessions.
Technical Indicators
- Hourly MACD – The MACD is currently losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has dropped below the 50 level.
- Major Support Levels – $33,700, followed by $33,400.
- Major Resistance Levels – $34,120, $34,550, and $35,000.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin’s Struggle Continues as Resistance Persists
Bitcoin is still facing challenges in breaking the $35,000 resistance level. Despite holding key support levels and showing signs of a potential increase, the bearish trend line and resistance zones pose obstacles for further gains. The next few sessions will be crucial in determining whether Bitcoin can overcome these barriers or experience another decline.
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