“Bitcoin’s price consolidation below $35K raises anticipation as traders closely watch for potential triggers that could ignite a bearish reaction, adding another layer of intrigue to the volatile crypto market.”
Bitcoin price attempted to break above the $34,500 level, but it is struggling to clear the $35,000 resistance. Currently, the price is trading above $34,200 and the 100 hourly Simple Moving Average (SMA). There is a rising channel forming with support near $34,300 on the hourly chart of the BTC/USD pair.
If there is a close below the $34,000 level and then $33,400, Bitcoin could experience a major downside correction.
Bitcoin price recently made another increase above the $34,200 resistance zone, reaching as high as $34,758. However, it struggled to continue higher and is now correcting gains below the $34,500 level. The price is still trading above the 100 hourly SMA and the key rising channel support.
On the upside, the immediate resistance is near $34,500, followed by $34,750 or the channel’s upper trend line. The main resistance is still near $35,000, and a clear move above this level could initiate another steady increase. The next key resistance levels could be $35,500 and $36,200.
If Bitcoin fails to rise above the $34,750 resistance zone, it could start another decline. The immediate support on the downside is near $34,200 and the 100 hourly SMA. The next major support is near $34,000 or the 50% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high. A move below $34,000 could lead to further downsides, potentially towards the $33,400 level or even $32,500.
In terms of technical indicators, the hourly MACD is losing pace in the bullish zone, and the hourly RSI for BTC/USD is now below the 50 level.
To summarize, Bitcoin price is currently facing resistance near $35,000, and a close below the $34,000 level could trigger a major downside correction. On the other hand, a clear move above $35,000 could lead to further gains towards $36,200 in the near term.