Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $35K

2023-11-01 03:32:30

Bitcoin price is still struggling to clear the key $35,000 resistance. BTC might correct lower and revisit the $34,000 support zone if it continues to struggle near $35,000.

Bitcoin is still facing a major hurdle near the $35,000 resistance.
The price is trading above $34,250 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $34,260 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but the bulls might remain active near $34,000.

Bitcoin Price Remains Supported

Bitcoin price attempted another increase above the $34,750 resistance. BTC spiked above the $34,950 level. However, the price remained capped below the main barrier at $35,000.

A high was formed near $34,953 and the price recently corrected lower. It traded close to the $34,000 level. A low was formed near $34,060 and the price is now attempting a fresh increase. There was a move above the $34,500 level.

It climbed above the 50% Fib retracement level of the downward move from the $34,953 swing high to the $34,060 low. Bitcoin is now trading above $34,260 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $34,260 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $34,650 level. The next key resistance could be near $34,750 or the 76.4% Fib retracement level of the downward move from the $34,953 swing high to the $34,060 low.

Source: BTCUSD on TradingView.com

The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start a decent increase. The next key resistance could be $35,500, above which the price could rise toward $36,200. Any more gains might send BTC toward the $37,500 level.

Bearish Reaction In BTC?

If Bitcoin fails to rise above the $34,650 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,270 level and the 100 hourly Simple moving average.

The next major support is near the $34,000 level. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,500 level or even $33,200.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.

Major Support Levels – $34,260, followed by $34,000.

Major Resistance Levels – $34,650, $34,750, and $35,000.

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