Bitcoin price is correcting gains above $35,000 against the US Dollar. BTC is likely to find strong support near the $34,000 zone in the near term. According to technical analysis by NewsBTC’s Aayush Jindal:

  • Bitcoin started a downside correction from the $36,000 zone.
  • The price is now approaching the $34,000 support and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC/USD pair (data from Kraken).
  • The pair is likely to find strong buying interest near $34,000 and the 100 hourly SMA.

Bitcoin (BTC) Price Approaches Support

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Bitcoin climbed above the $34,000 and $35,000 resistance levels. BTC even broke the $35,500 level and the 100 hourly simple moving average.

However, the price failed to clear the $36,000 zone. The price traded as high as $35,918 before starting a fresh decline and then traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the surge from the $32,735 high to $35,920 high.

There was also a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC/USD pair. The pair is now approaching the $34,000 support and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward wave from the $32,735 high to $35,920 high is also near the $34,350 zone. The next important support is near the $34,000 region. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to decline.

bitcoin btc price analysis approaches critical support what are the key levels

In the stated case, the price could decline towards the $32,500 region. Any more losses could push the price towards the $31,200 support zone.

Will Bitcoin (BTC) Rise?

If bitcoin stays stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,000 level and the trend line.

The next important resistance is near $35,250, above which the price might test the $36,000 barrier. Any further gains could push the price higher towards the $37,000 resistance.

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 – 34,350 followed by $34,000
  • Major Resistance Levels – $35,000, 35,500 and $36,000