Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K

Bitcoin price failed to stay above the key $35,000 support zone against the US Dollar. BTC is declining and it could slide heavily if there is a close below $34,000.

Bitcoin started a fresh decline from well above the $36,500 level.
The price is now trading near $34,500 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate lower if there is a clear break below the $34,000 support zone.

Bitcoin Price is Struggling
Bitcoin started a steady increase above the $35,000 resistance level. BTC even broke the $36,000 barrier and the 100 hourly simple moving average.
However, it failed to stay above the $36,500 zone. A high was formed near $36,698 and the price recently started a fresh decline. There was a break below the $35,500 and $35,000 support levels. The price broke the 23.6% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.
There was also a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading near $34,500 and the 100 hourly simple moving average.
The first major support is near the $34,000 level. If there is a downside break below $34,000, the bears are likely to gain strength. The next key support is near the $33,450 level. It is near the 50% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.

Source: BTCUSD on TradingView.com
Any more losses may possibly push the price towards the $32,000 support zone. The main support is still near the $30,000 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 $35,200 level.
The next key resistance is near $35,500, above which the bulls are likely to aim a retest of $36,500. Any more gains could lift the price towards the $38,000 resistance. The next major hurdle is near the $40,000 zone.
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 – $34,000, followed by $33,400.
Major Resistance Levels – $35,200, $35,500 and $36,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 17,025.00
ethereum
Ethereum (ETH) $ 1,275.78
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.74
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.400035
dogecoin
Dogecoin (DOGE) $ 0.102681
cardano
Cardano (ADA) $ 0.317042
matic-network
Polygon (MATIC) $ 0.932874
polkadot
Polkadot (DOT) $ 5.38
staked-ether
Lido Staked Ether (STETH) $ 1,262.28
okb
OKB (OKB) $ 22.21
litecoin
Litecoin (LTC) $ 77.26
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054601
solana
Solana (SOL) $ 13.65
uniswap
Uniswap (UNI) $ 5.83
avalanche-2
Avalanche (AVAX) $ 13.08
chainlink
Chainlink (LINK) $ 7.74
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,010.05
leo-token
LEO Token (LEO) $ 3.87
cosmos
Cosmos Hub (ATOM) $ 10.31
ethereum-classic
Ethereum Classic (ETC) $ 20.02
the-open-network
The Open Network (TON) $ 1.79
monero
Monero (XMR) $ 142.71
stellar
Stellar (XLM) $ 0.088956
bitcoin-cash
Bitcoin Cash (BCH) $ 110.79
quant-network
Quant (QNT) $ 122.60
algorand
Algorand (ALGO) $ 0.242908
crypto-com-chain
Cronos (CRO) $ 0.065175
filecoin
Filecoin (FIL) $ 4.41
near
NEAR Protocol (NEAR) $ 1.72
apecoin
ApeCoin (APE) $ 3.94
vechain
VeChain (VET) $ 0.019214
hedera-hashgraph
Hedera (HBAR) $ 0.050129
flow
Flow (FLOW) $ 1.12
internet-computer
Internet Computer (ICP) $ 4.16
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.69
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.934978
terra-luna
Terra Luna Classic (LUNC) $ 0.000162
theta-token
Theta Network (THETA) $ 0.942372
chain-2
Chain (XCN) $ 0.043794
tezos
Tezos (XTZ) $ 1.01
the-sandbox
The Sandbox (SAND) $ 0.588382
aave
Aave (AAVE) $ 63.95
lido-dao
Lido DAO (LDO) $ 1.12
chiliz
Chiliz (CHZ) $ 0.162852