Bitcoin Price Rally To $35,000 Could Be The Start The Bulls Needed

2023-10-24 04:01:14

Bitcoin price is up over 15% and trading near the $35,000 resistance. BTC could correct in the short term before it starts another increase.

Bitcoin started a strong increase after there was speculation of spot ETF being listed DTCC.
The price is trading above $34,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct in the short term before it resumes its increase.

Bitcoin Price Jumps Over 15%

Bitcoin price started a strong increase after there was speculation of spot ETF being listed DTCC. BTC gained bullish momentum after it broke the $32,000 resistance zone.

There was a decent increase toward the $35,000 resistance zone. A new multi-week high is formed near $35,225 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.

Bitcoin is now trading above $34,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.

Source: BTCUSD on TradingView.com

On the upside, immediate resistance is near the $34,800 level. The next key resistance could be near $35,250. A clear move above the recent high might send the price toward the $36,200 resistance. The next key resistance could be $37,000. Any more gains might send BTC toward the $38,000 level in the coming days.

Downsides Supported In BTC?

If Bitcoin fails to rise above the $34,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,120 level.

The next major support is near the $32,800 level and the trend line. If there is a move below the trend line support, the price may perhaps decline toward the $31,500 level in the coming sessions.

Technical indicators:

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

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

Major Support Levels – $34,120, followed by $32,800.

Major Resistance Levels – $34,800, $35,000, and $35,250.

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