Bitcoin Tops Near $35K, What Could Trigger Fresh Decline To $30K

Bitcoin price recovered above $33,000, but it failed to climb above $35,000 against the US Dollar. BTC is retreating from the 100 hourly SMA and it could extend its losses.

Bitcoin started a decent recovery and it climbed above the $34,000 level.
The price is now facing hurdles near $34,000 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the 100 hourly SMA and $34,000 to continue higher in the near term.

Bitcoin Price is Facing Hurdles
Bitcoin started a steady increase above the $33,000 and $33,500 resistance levels. BTC even spiked above the $34,000 resistance zone, but it failed to gain pace above the 100 hourly simple moving average.
It is now facing hurdles near $34,000 and the 100 hourly simple moving average. A high was formed near $34,877 and the price is now correcting gains. It declined below the 23.6% Fib retracement level of the recent recovery from the $28,900 swing low to $34,877 high.
An immediate support on the downside is near the $31,800 level. It is near the 50% Fib retracement level of the recent recovery from the $28,900 swing low to $34,877 high.
On the upside, an initial resistance is near the $33,800 level. There is also a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair. The main resistance is still near the $34,000 zone.

Source: BTCUSD on TradingView.com
Bitcoin must clear the 100 hourly SMA and then settle above the $34,000 zone to move into a positive zone. The next major resistance for the bulls could be $35,000.
More Losses in BTC?
If bitcoin fails to clear the $34,000 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $31,800 level.
The next major support is near the $31,200 level. A downside break below $31,200 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 bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back below the 50 level.
Major Support Levels – $31,800, followed by $31,200.
Major Resistance Levels – $33,800, $34,000 and $35,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,933.22
ethereum
Ethereum (ETH) $ 1,879.47
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 279.02
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.530182
staked-ether
Lido Staked Ether (STETH) $ 1,877.25
cardano
Cardano (ADA) $ 0.346465
dogecoin
Dogecoin (DOGE) $ 0.069740
solana
Solana (SOL) $ 20.17
matic-network
Polygon (MATIC) $ 0.807513
tron
TRON (TRX) $ 0.078631
litecoin
Litecoin (LTC) $ 90.38
polkadot
Polkadot (DOT) $ 5.18
avalanche-2
Avalanche (AVAX) $ 14.63
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000008
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,946.22
uniswap
Uniswap (UNI) $ 4.75
leo-token
LEO Token (LEO) $ 3.51
chainlink
Chainlink (LINK) $ 6.20
cosmos
Cosmos Hub (ATOM) $ 10.06
okb
OKB (OKB) $ 45.19
monero
Monero (XMR) $ 146.52
ethereum-classic
Ethereum Classic (ETC) $ 17.37
the-open-network
Toncoin (TON) $ 1.66
stellar
Stellar (XLM) $ 0.089236
bitcoin-cash
Bitcoin Cash (BCH) $ 113.86
lido-dao
Lido DAO (LDO) $ 2.36
true-usd
TrueUSD (TUSD) $ 1.00
internet-computer
Internet Computer (ICP) $ 4.37
filecoin
Filecoin (FIL) $ 4.34
quant-network
Quant (QNT) $ 116.68
aptos
Aptos (APT) $ 8.14
hedera-hashgraph
Hedera (HBAR) $ 0.049631
crypto-com-chain
Cronos (CRO) $ 0.059888
arbitrum
Arbitrum (ARB) $ 1.18
near
NEAR Protocol (NEAR) $ 1.51
vechain
VeChain (VET) $ 0.018539
apecoin
ApeCoin (APE) $ 3.01
the-graph
The Graph (GRT) $ 0.117582
paxos-standard
Pax Dollar (USDP) $ 0.999843
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.888319
algorand
Algorand (ALGO) $ 0.135321
the-sandbox
The Sandbox (SAND) $ 0.518543
optimism
Optimism (OP) $ 1.47
rocket-pool
Rocket Pool (RPL) $ 48.59
elrond-erd-2
MultiversX (EGLD) $ 36.31