Bitcoin Correcting Gains, What Could Trigger Fresh Rally

Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is likely to find a strong support near the $34,000 zone in the near term.

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 feed from Kraken).
The pair is likely to find a strong buying interest near $34,000 and the 100 hourly SMA.

Bitcoin Price is Approaching Support
Bitcoin climbed higher 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. A high was formed near $35,918 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high.
Moreover, there was 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 swing low to $35,920 high is also near the $34,350 zone. The next key support is near the $34,000 zone. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to move down.

Source: BTCUSD on TradingView.com
In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $31,200 support zone.
Fresh Increase in BTC?
If bitcoin remains 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 key resistance is near $35,250, above which the price could test the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace 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.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,145.72
ethereum
Ethereum (ETH) $ 3,479.47
tether
Tether (USDT) $ 0.999656
bnb
BNB (BNB) $ 602.35
solana
Solana (SOL) $ 143.35
staked-ether
Lido Staked Ether (STETH) $ 3,477.65
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.474692
the-open-network
Toncoin (TON) $ 8.12
dogecoin
Dogecoin (DOGE) $ 0.134855
cardano
Cardano (ADA) $ 0.409740
avalanche-2
Avalanche (AVAX) $ 30.22
shiba-inu
Shiba Inu (SHIB) $ 0.000020
tron
TRON (TRX) $ 0.116317
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,112.71
chainlink
Chainlink (LINK) $ 14.75
polkadot
Polkadot (DOT) $ 6.12
bitcoin-cash
Bitcoin Cash (BCH) $ 425.07
uniswap
Uniswap (UNI) $ 10.76
near
NEAR Protocol (NEAR) $ 5.55
litecoin
Litecoin (LTC) $ 77.78
matic-network
Polygon (MATIC) $ 0.592996
wrapped-eeth
Wrapped eETH (WEETH) $ 3,614.73
dai
Dai (DAI) $ 0.999614
leo-token
LEO Token (LEO) $ 5.71
pepe
Pepe (PEPE) $ 0.000011
internet-computer
Internet Computer (ICP) $ 9.21
kaspa
Kaspa (KAS) $ 0.165582
ethereum-classic
Ethereum Classic (ETC) $ 25.08
fetch-ai
Fetch.ai (FET) $ 1.46
ethena-usde
Ethena USDe (USDE) $ 1.00
aptos
Aptos (APT) $ 7.67
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,461.89
monero
Monero (XMR) $ 170.65
render-token
Render (RNDR) $ 7.92
hedera-hashgraph
Hedera (HBAR) $ 0.085592
filecoin
Filecoin (FIL) $ 5.12
mantle
Mantle (MNT) $ 0.877977
stellar
Stellar (XLM) $ 0.096534
cosmos
Cosmos Hub (ATOM) $ 7.10
blockstack
Stacks (STX) $ 1.90
okb
OKB (OKB) $ 45.33
crypto-com-chain
Cronos (CRO) $ 0.100814
arbitrum
Arbitrum (ARB) $ 0.914833
immutable-x
Immutable (IMX) $ 1.72
first-digital-usd
First Digital USD (FDUSD) $ 0.999675
injective-protocol
Injective (INJ) $ 26.06
dogwifcoin
dogwifhat (WIF) $ 2.36
sui
Sui (SUI) $ 0.933328
the-graph
The Graph (GRT) $ 0.235374