Bitcoin Price Faces Resistance
Bitcoin has once again failed to break through the crucial $36,000 resistance zone. The cryptocurrency is currently trading above $35,000 and the 100 hourly Simple Moving Average. There was a recent breakout above a significant contracting triangle with resistance near $35,000 on the BTC/USD pair’s hourly chart (data feed from Kraken).
Bitcoin Attempts Increase
Bitcoin’s price remained steady above the $34,000 support area and attempted to climb above the $35,250 resistance zone. It even surpassed the $35,500 resistance but met selling pressure near the $36,000 mark. The price declined below $35,500 and is currently correcting gains.
It is now trading above $35,000 and the 100 hourly Simple Moving Average. If it stays above $35,200, there could be another upward move. The immediate resistance lies near the $35,560 level.
Possible Downside for Bitcoin
If Bitcoin fails to surpass the $35,560 resistance zone, it may continue to move downwards. The initial support on the downside is around the $35,200 level, followed by the critical support at $35,000 or the 100 hourly SMA.
If there is a break below $35,000, it could result in further downsides with a potential revisit of the $34,000 support level in the short term.
Source: BTCUSD on TradingView.com
Technical Indicators for Bitcoin
The MACD is now losing momentum in the bullish zone while the RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $35,200, followed by $35,000.
Major Resistance Levels – $35,560, $35,900, and $36,000.
Hot Take: Bitcoin’s Battle with Resistance Continues
Bitcoin faces ongoing challenges as it struggles to break through key resistance levels. While a move above $36,000 could lead to further gains towards $37,000 and beyond, failure to overcome current resistances may result in a downward trend with potential retesting of support levels.
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