Bitcoin’s price held firm above the $33,200 support level and is currently on the rise, with potential plans to break through the $35,000 resistance and embark on a new rally.
“Bitcoin Bounces Back from Recent Dip, Eyes Higher Resistance Levels”
Bitcoin experienced a correction after testing the $35,000 resistance zone. It briefly fell below the $34,200 and $34,000 marks. Nevertheless, the bulls stepped in to support the price above the $33,200 level.
The cryptocurrency found a low near $33,250 and has since begun a fresh ascent. It convincingly surpassed the $34,000 resistance area. Furthermore, it climbed above the 50% Fibonacci retracement level of the previous drop, which ranged from the $35,225 high to the $33,250 low.
Currently, Bitcoin is trading above $34,000 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a significant bullish trend line is taking shape, offering support around $34,220.
In terms of resistance, the immediate hurdle lies near $34,750 or the 76.4% Fibonacci retracement level of the recent drop from the $35,225 high to the $33,250 low. The next noteworthy resistance level is at $35,000, with the primary barrier forming around the $35,200 zone.
Source: BTCUSD on TradingView.com
A decisive move above the $35,200 level could potentially trigger another surge. In such a scenario, the next key resistance would be at $36,500. Further gains may even propel Bitcoin towards the $38,000 mark in the days ahead.
“Bitcoin’s Potential Downturn and Key Support Levels”
If Bitcoin is unable to surpass the $35,000 resistance area, it might face another downward move. Immediate support to watch on the downside is around the $34,200 mark and the established trend line.
The next significant support level is situated near $33,250. Should the price dip below this crucial support, there is a possibility of further declines. In such a scenario, Bitcoin’s price could potentially drop towards the $31,500 level in the upcoming sessions.
Technical Indicators:
- Hourly MACD: The MACD indicator is now showing strength in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is presently above the 50 level.
- Key Support Levels: $34,200, followed by $33,250.
- Key Resistance Levels: $34,750, $35,000, and $35,200.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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