Bitcoin price rallied and settled above the $34,000 level against the US Dollar. BTC is likely to continue rising if it settles above $35,000 in the near term. According to technical analysis by NewsBTC’s Aayush Jindal:

  • Bitcoin started a fresh increase above the $33,500 and $34,000 resistance levels.
  • The price is currently trading well above $34,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair (data from Kraken).
  • The pair is likely to rise above $35,000 unless there is a clear break below the trendline support.

Bitcoin (BTC) Price Remains Supported

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Bitcoin continued to trade well above the main $30,000 support zone. BTC started a fresh increase above the $32,500 and $33,500 resistance levels. The price even broke the $34,000 pivot level.

It is currently trading well above $34,000 and the 100 hourly simple moving average. BTC also surged above the $35,000 level. However, the bulls failed to gain strength above $35,000 and the price is now consolidating gains.

BTC tested the 23.6% Fib retracement level of the upward move from the $30,180 low to $35,315 high. The price is currently trading above the $34,500 level. There is also a key bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair.

If the pair fails to stay above the trendline support, it could decline further towards $33,200 and the 100 hourly SMA. The next major support is near the $32,800 level. This is close to the 50% Fib retracement level of the upward move from the $30,180 low to $35,315 high.

Will Bitcoin (BTC) Rise?

If bitcoin stays stable above the trendline support, it could rise above the $35,000 resistance. An immediate resistance on the upside is near the $35,500 level.

The next important resistance is near $36,500, above which the bulls are likely aiming for a rally towards $38,000. Any further gains could push the price higher towards the $40,000 region in the near term.

Technical Indicators

  • Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.
  • Major Support Levels – $34,500 followed by $33,200
  • Major Resistance Levels – $35,000, 35,500 and $36,500