“Is Bitcoin’s price surge a sign of an upcoming correction or an opportunity to buy the dip and ride the digital wave?”
Bitcoin Price Struggles to Break $35,000 Resistance
Bitcoin’s price is currently facing a hurdle in its attempt to surpass the $35,000 mark. Despite trading above $34,150 and the 100 hourly Simple Moving Average, BTC is encountering resistance at the $35,000 level.
There is hope for a potential increase in the price, as a short-term rising channel is forming with support near $34,280 on the BTC/USD hourly chart. However, before another push towards higher levels, the price might experience a correction towards the $34,000 zone.
Bitcoin’s price recently showed strength by staying above the $33,800 level and tried to break the $34,500 resistance zone. It even reached close to the main barrier at $35,000. However, the price failed to continue its upward momentum and retraced. It dipped below the $34,600 level and the 23.6% Fibonacci retracement level of the previous upward move from $33,319 to $34,953.
Currently, Bitcoin is still trading above $34,280 and the 100 hourly Simple Moving Average. The immediate resistance lies near $34,780, followed by $34,950 or the upper trend line of the rising channel. The main resistance remains at $35,000, and a clear move above this level could initiate a significant increase in price.
On the downside, if Bitcoin fails to break the $34,750 resistance, it could start a correction. The immediate support lies near $34,250 and the 100 hourly Simple Moving Average. The next major support is at $33,950 or the 61.8% Fibonacci retracement level. Further downside could lead to a decline towards $33,400 or even $33,200.
In terms of technical indicators, the hourly MACD is showing bearish signs, while the RSI for BTC/USD is below the 50 level.
Overall, Bitcoin’s price is currently struggling to surpass the $35,000 resistance. A correction towards the $34,000 zone might occur before another attempt to break higher levels. Investors and traders should closely monitor the key support and resistance levels mentioned above for potential trading opportunities.