Bitcoin price rebounded over $ 34,000 but struggled near $ 35,000 against the US dollar. BTC is currently in decline and there is still a risk of further losses below $ 32,000.
- Bitcoin struggled to gain momentum above $ 34,500 and stayed below $ 35,000.
- The price is currently well below $ 33,000 and tests the simple 100-hour moving average.
- A major bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 32,400.
- The pair is likely to decline further towards $ 31,500 and $ 30,800 in the short term.
Bitcoin price fails near $ 35K
There was a decent rebound in Bitcoin price yesterday above the $ 33,800 and $ 34,000 resistance levels. BTC even broke the $ 34,500 level and was above the 100-hour simple moving average.
However, the bulls struggled to gain strength above $ 34,500 and the price stayed below $ 35,000. A high was formed near $ 34,872 before the price fell again. There was a pause below the $ 34,000 and $ 33,800 support levels.
Bitcoin price fell below the 50% fib retracement level of the uptrend from $ 30,943 to $ 34,872. It is now trading well below $ 33,000 and testing the 100-hour simple moving average.
Source: BTCUSD on TradingView.com
A major bullish trendline is also forming on the hourly chart of the BTC / USD pair with support near USD 32,400. The trend line is close to the 76.4% fib retracement level of the move higher from the $ 30,943 low to the $ 34,872 high.
A downward break and a close below $ 32,000 could trigger another decline. In the specified case, the price should continue to decline towards USD 30,800 support or even USD 30,000.
Fresh Upsides in BTC?
If Bitcoin stays above the USD 32,400 and USD 32,000 support levels, it could push it back up again. Initial resistance to the upside is near the $ 33,000 level.
The first major resistance is near the $ 33,800 level. The main resistance is still near the $ 34,500 and $ 35,000 levels above which the price is likely to rise higher in the near future.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well below the 50 level.
Major Support Levels – $ 32,400 followed by $ 30,800.
Major Resistance Levels – $ 33,000, $ 33,800, and $ 34,500.