Bitcoin Holds Above $35,000 Level
The price of Bitcoin (BTC) has managed to stay above the $35,000 level as buying pressure emerged around $34,668. Bulls pushed BTC/USD higher to test the $35,257.24 area, which represents a 61.8% retracement of the recent downward movement. The recent high of around $35,997.80 also marked a test of an upside price objective related to previous buying pressure levels. Additionally, it tested the 50% retracement of a historical downward range.
Upside Price Objectives and Support Levels
Traders have identified several upside price objectives for BTC/USD, including levels at $36,115, $36,541, $36,798, $37,239, and more. On the other hand, areas of technical support and potential buying pressure are observed at levels such as $33,761, $33,378, and $32,377.
Technical Indicators
Technical indicators suggest a bullish outlook for Bitcoin. The 50-bar MA (4-hourly) is above both the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on the hourly chart, the 50-bar MA is below the 100-bar MA but still above the 200-bar MA.
Price Activity and Key Levels
The nearest moving averages are the 50-bar MA (4-hourly) at $34,525.79 and the 100-bar MA (hourly) at $34,792.33. Technical support is expected around levels such as $31,238.97 and stops are anticipated below that point. On the other hand, technical resistance is expected around levels such as $36,541.57 and stops are anticipated above that point.
Technical Analysis
In the 4-hourly chart, SlowK is bullish above SlowD, and MACD is also bullish above MACDAverage. Similarly, in the 60-minute chart, SlowK is bullish above SlowD, and MACD is bullish above MACDAverage.
Sally Hoโs Technical Analysis
For more detailed technical analysis and insights, you can refer to Sally Hoโs analysis of yesterdayโs trading.
Hot Take: Bitcoin Shows Strength Above $35,000 Level
Bitcoin has displayed resilience by holding above the $35,000 level despite recent price fluctuations. Bulls have managed to push the price higher and test key resistance levels. Traders are closely watching the moving averages and technical indicators for further signals of a bullish trend. With several upside price objectives in sight, Bitcoin may continue its upward momentum. However, it’s important to be aware of potential support levels in case of a downward correction. Overall, Bitcoin’s ability to maintain its position above $35,000 indicates strength in the market.
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