Bitcoin price started a correction after it climbed above $35,000 against the US Dollar. BTC is approaching a major support near $32,350 where the bulls could take a stand. According to technical analysis by NewsBTC’s Aayush Jindal:

  • Bitcoin started a downside correction from the $36,650 zone.
  • The price is now trading below $34,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair (data from Kraken).
  • Unless there is a close below $32,000, the pair is likely to start a fresh increase.

Bitcoin (BTC) Price Approaches a Crucial Support

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Bitcoin failed to stay above the $35,000 support zone and started a fresh decline. BTC broke the $34,000 support zone to move into a short-term bearish zone.

There was also a break below the 50% Fib retracement level of the upward move from the $30,185 high to $36,698 high. It is now trading below the $34,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair.

An immediate support on the downside is near the $32,650 level. This is close to the 61.8% Fib retracement level of the upward move from the $30,185 high to $36,698 high.

The next major support is near the $32,000 zone. If there is a downside break below the $32,350 and $32,000 support levels, the price could continue to decline. In the stated case, the price could decline towards the $30,200 region. Any more losses could likely push the price towards the $29,000 support zone.

Will Bitcoin (BTC) Rise?

If bitcoin stays stable above the $32,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $33,800 level and the trend line.

The next important resistance is near $34,000, above which the price might test the 100 hourly SMA at $34,500. Any further gains could push the price towards the $35,000 resistance. In this case, the bulls may even target a new test of $36,500.

Technical Indicators

  • Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
  • Major Support Levels – 32,350 followed by $32,000
  • Major Resistance Levels – $33,800, $34,000, and $34,500