Bitcoin

Bitcoin tops nearly $35,000, which could lead to a new drop to $30k


Bitcoin price recovered above $33,000, but failed to rise above $35,000 against the US Dollar. Bitcoin is pulling back from the 100-hour simple moving average and may extend its losses.

  • Bitcoin started a good recovery and rose above the $34,000 level.
  • The price is now facing hurdles near $34,000 and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must cross the 100-hourly simple moving average and $34,000 to continue rising in the near term.

Bitcoin price faces hurdles

Bitcoin started file fixed increase Above the $33,000 and $33,000 resistance levels. BTC even rose above the $34,000 resistance area, but failed to gain speed above the 100 hourly simple moving average.

It is now facing hurdles near $34,000 and the 100 hourly simple moving average. A top formed near $34,877 and the price is now correcting gains. It fell below the 23.6% Fib retracement level of the recent recovery from $28,900 to the high of $34,877.

There is immediate support on the downside near the $31,800 level. It is close to the 50% Fib retracement level of the recent recovery from $28,900 to the high of $34,877.

On the upside, there is an initial resistance near the $33,800 level. There is also a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair. The main resistance It is still near the $34,000 area.

Source: BTCUSD on TradingView.com

Bitcoin should clear the 100-hour simple moving average and then settle above $34,000 to move into positive territory. The next major resistance for the bulls could be $35,000.

More losses in bitcoin?

If Bitcoin fails to break above $34,000 or trendline resistance, it may continue to move lower. There is immediate support on the downside near the $31,800 level.

The next major support is near the $31,200 level. A break-down below $31,200 may open the doors to a new decline towards the $30K region in the upcoming sessions.

Technical indicators:

Hourly MACD The MACD is now moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back below the 50 level.

Key support levels – $31,800, followed by $31,200.

The main resistance levels are $33,800, $34,000 and $35,000.



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