Bitcoin Prints Bullish Pattern, Here’s Why 100 SMA Holds The Key

Bitcoin

Bitcoin price dived below $30,000 before it started a major recovery against the US Dollar. BTC is back above $32,000, but it must clear the 100 hourly SMA for more gains.

Bitcoin extended its decline below the $30,000 support zone before it started an upside correction.
The price is now trading close to the $34,000 zone and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the 100 hourly SMA and $35,000 to move into a bullish zone in the near term.

Bitcoin Price Starts Recovery
Bitcoin struggled to stay above the $32,000 support and it extended its decline. BTC broke the main $30,500 and $30,000 support levels to move further into a bearish zone.
The price even spiked below the $29,000 level and settled well below the 100 hourly simple moving average. It traded as low as $28,822 and it recently started an upside correction. Bitcoin gained pace and it was able to reclaim the $30,000 barrier.
There was also a break above the 50% Fib retracement level of the recent decline from the $36,171 swing high to $28,822 low. It is now trading close to the $34,000 zone and the 100 hourly simple moving average.
An initial resistance on the upside is near the $34,500 level. It is near the 76.4% Fib retracement level of the recent decline from the $36,171 swing high to $28,822 low. The main resistance is still near the $35,000 zone. There is also a major bearish trend line forming with resistance near $35,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
Bitcoin must clear the 100 hourly SMA and then gain pace for a break above the $35,000 barrier to move into a positive zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $34,500 resistance or the trend line resistance, it could start a fresh decline. An immediate support on the downside is near the $33,000 level.
The next major support is near the $32,500 level. A downside break below $32,500 could open the doors for a fresh drop towards the $30,000 zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level.
Major Support Levels – $33,000, followed by $32,500.
Major Resistance Levels – $34,500, $35,000 and $36,500.

bitcoin
Bitcoin (BTC) $ 59,966.07
ethereum
Ethereum (ETH) $ 3,343.10
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 563.37
solana
Solana (SOL) $ 130.84
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,342.20
xrp
XRP (XRP) $ 0.472144
the-open-network
Toncoin (TON) $ 7.41
dogecoin
Dogecoin (DOGE) $ 0.117827
cardano
Cardano (ADA) $ 0.376309
tron
TRON (TRX) $ 0.119023
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 24.69
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 60,034.08
chainlink
Chainlink (LINK) $ 13.42
polkadot
Polkadot (DOT) $ 5.67
bitcoin-cash
Bitcoin Cash (BCH) $ 354.06
uniswap
Uniswap (UNI) $ 9.00
near
NEAR Protocol (NEAR) $ 5.39
wrapped-eeth
Wrapped eETH (WEETH) $ 3,474.48
leo-token
LEO Token (LEO) $ 5.75
dai
Dai (DAI) $ 0.998806
matic-network
Polygon (MATIC) $ 0.557180
litecoin
Litecoin (LTC) $ 69.19
pepe
Pepe (PEPE) $ 0.000011
fetch-ai
Fetch.ai (FET) $ 1.64
internet-computer
Internet Computer (ICP) $ 7.93
kaspa
Kaspa (KAS) $ 0.154069
ethena-usde
Ethena USDe (USDE) $ 0.999094
ethereum-classic
Ethereum Classic (ETC) $ 22.90
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,361.23
aptos
Aptos (APT) $ 6.86
monero
Monero (XMR) $ 157.39
render-token
Render (RNDR) $ 7.49
hedera-hashgraph
Hedera (HBAR) $ 0.076319
cosmos
Cosmos Hub (ATOM) $ 6.82
arbitrum
Arbitrum (ARB) $ 0.804608
stellar
Stellar (XLM) $ 0.088526
filecoin
Filecoin (FIL) $ 4.37
mantle
Mantle (MNT) $ 0.748630
okb
OKB (OKB) $ 40.69
crypto-com-chain
Cronos (CRO) $ 0.088103
blockstack
Stacks (STX) $ 1.57
immutable-x
Immutable (IMX) $ 1.50
first-digital-usd
First Digital USD (FDUSD) $ 1.00
injective-protocol
Injective (INJ) $ 22.44
sui
Sui (SUI) $ 0.885320
lido-dao
Lido DAO (LDO) $ 2.41
the-graph
The Graph (GRT) $ 0.215847