Bitcoin Struggles to Clear Resistance at $35,000
The price of Bitcoin is currently facing resistance at the $35,000 level and is struggling to break through. However, it is still trading above $34,150 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a short-term rising channel forming with support near $34,280.
Bitcoin Price Eyes Fresh Increase
Despite the resistance, Bitcoin has remained strong above the $33,800 level and attempted to increase above the $34,500 resistance zone. Although it spiked towards the main barrier at $35,000, there was no further upward continuation. The price formed a top near $34,953 and corrected lower.
Bitcoin is currently trading above $34,280 and the 100 hourly Simple Moving Average. Additionally, there is a short-term rising channel with support near $34,280 on the hourly chart of the BTC/USD pair.
Dips In BTC?
If Bitcoin fails to rise above the $34,750 resistance zone, it could experience a downside correction. The immediate support on the downside is near the $34,250 level and the 100 hourly Simple Moving Average. The next major support is around $33,950 or the 61.8% Fibonacci retracement level.
In case there is a move below $33,950, there is a risk of further downsides. This could potentially cause the price to decline towards the $33,400 level or even lower to $33,200.
Technical Indicators
The MACD indicator on the hourly chart shows that it is now gaining pace in the bearish zone. The Relative Strength Index (RSI) for BTC/USD is currently below the 50 level.
Hot Take: Bitcoin Faces Resistance at $35,000
Bitcoin is currently struggling to break through the resistance at $35,000. Despite trading above key support levels and forming a short-term rising channel, it failed to continue its upward momentum. If it fails to rise above the $34,750 resistance zone, a downside correction may occur with support levels at $34,250 and $33,950. Technical indicators suggest a bearish trend with the MACD gaining pace in the bearish zone and the RSI below 50. Bitcoin’s next move will be crucial in determining whether it can overcome the resistance and start a fresh increase or experience further dips in price.
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