Bitcoin Price Approaching $35,000 Resistance
The price of Bitcoin is once again on the rise and is getting closer to the $35,000 resistance level. Currently, it is trading above $34,000 and the 100 hourly Simple Moving Average (SMA).
There is a significant bullish trend line forming with support around $34,220 on the BTC/USD pair’s hourly chart from Kraken’s data feed.
If the price manages to close above the $35,000 resistance zone, it could trigger a fresh surge.
Bitcoin Price Eyes More Gains
Bitcoin experienced a correction after reaching the $35,000 resistance zone. It dropped below the $34,200 and $34,000 levels but found support above $33,200.
A low was formed near $33,250, and the price has started to increase again. It surpassed the $34,000 resistance zone and climbed above the 50% Fibonacci retracement level of the previous downward move from the swing high of $35,225 to the low of $33,250.
The current trading situation shows that Bitcoin is now above $34,000 and the 100 hourly SMA. Additionally, there is a significant bullish trend line with support around $34,220 on the BTC/USD pair’s hourly chart.
The immediate resistance lies near the $34,750 level or the 76.4% Fibonacci retracement level. The next key resistance is around $35,000, with the main resistance forming near the $35,200 zone.
Source: BTCUSD on TradingView.com
If the price manages to break above the $35,200 barrier, it could initiate another surge. The next significant resistance level is at $36,500, and further gains might push BTC towards $38,000 in the coming days.
Another Decline In BTC?
In case Bitcoin fails to surpass the $35,000 resistance zone, it could experience another decline. The immediate support on the downside is around the $34,200 level and the trend line.
The next major support level lies near $33,250. If the price drops below this support level, there is a risk of further downsides. In such a scenario, BTC could decline towards the $31,500 level in the upcoming sessions.
Technical Indicators:
- Hourly MACD – The MACD is currently gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels: $34,200, followed by $33,250.
Major Resistance Levels: $34,750, $35,000, and $35,200.
Hot Take: Bitcoin Price Nearing Key Resistance Level
The price of Bitcoin is steadily approaching the critical $35,000 resistance level. If it manages to break above this level and close higher, it could trigger a fresh surge and potentially reach new highs. On the other hand, if Bitcoin fails to overcome this resistance and drops below key support levels such as $34,200 and $33,250, it may experience another decline in the near future. Traders and investors should closely monitor these levels and consider them when making their trading decisions. Overall, the current market conditions suggest that Bitcoin’s price is poised for further gains, but caution is advised as the situation remains dynamic and subject to change.
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