Bitcoin Faces Resistance at $35,000
The price of Bitcoin is currently facing a significant obstacle near the $35,000 resistance level. However, it is still trading above $34,250 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a crucial bullish trend line forming with support near $34,260.
Bitcoin Price Remains Supported
Despite attempting to increase above the $34,750 resistance, Bitcoin was unable to break through the main barrier at $35,000. It reached a high of around $34,953 before correcting lower and trading close to $34,000. The price is now making another attempt at an upward movement and has climbed above the $34,500 level.
Bitcoin is currently trading above $34,260 and the 100 hourly Simple Moving Average. Additionally, there is a key bullish trend line forming with support near $34,260 on the BTC/USD pair’s hourly chart.
Bullish Outlook for Bitcoin
The immediate resistance for Bitcoin is near the $34,650 level. If it manages to surpass this level, the next key resistance could be around $34,750 or the 76.4% Fibonacci retracement level. The main resistance still remains at the $35,000 zone. A clear break above this resistance could potentially trigger a decent increase in price.
If Bitcoin continues to gain momentum, it may encounter further resistance levels at $35,500 and eventually rise towards $36,200. Additional gains might even push the price towards the $37,500 level.
Potential Bearish Reaction
In case Bitcoin fails to rise above the $34,650 resistance zone, it could initiate a downside correction. The immediate support on the downside is near the $34,270 level and the 100 hourly Simple Moving Average. The next major support level is located around $34,000. A move below this level could result in further downsides, potentially dropping the price towards $33,500 or even $33,200.
Technical Indicators
The MACD indicator on the hourly chart is currently showing bearish momentum. The Relative Strength Index (RSI) for BTC/USD is just above the 50 level.
Hot Take: Bitcoin Faces Resistance at $35,000 But Bulls Remain Active
Bitcoin is currently encountering a significant hurdle at the $35,000 resistance level. Despite this, it continues to trade above key support levels and the 100 hourly Simple Moving Average. The bullish trend line forming near $34,260 suggests that the bulls are still active in the market. However, if Bitcoin fails to break through the resistance and starts a downside correction, it could find support near $34,270 and $34,000. On the other hand, a clear break above $35,000 might lead to a substantial increase in price with potential resistances at $35,500 and $36,200.
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