Bitcoin Price Targets Fresh Highs As Bulls Aim For Another 10% Surge

2023-10-26 03:50:00

Bitcoin price stayed above the $33,200 support zone. BTC is rising and might aim for a fresh rally above the $35,000 resistance.

Bitcoin is again moving higher and approaching the $35,000 resistance.
The price is trading above $34,000 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $34,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh surge if there is a close above the $35,000 resistance zone.

Bitcoin Price Eyes More Gains

Bitcoin price corrected gains from the $35,000 resistance zone. BTC declined below the $34,200 and $34,000 levels. However, the bulls were active above the $33,200 level.

A low was formed near $33,250 and the price recently started a fresh increase. There was a clear move above the $34,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $35,225 swing high to the $33,250 low.

Bitcoin is now trading above $34,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $34,220 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $34,750 level or the 76.4% Fib retracement level of the downward move from the $35,225 swing high to the $33,250 low. The next key resistance could be near $35,000. The main resistance is now forming near the $35,200 zone.

Source: BTCUSD on TradingView.com

A clear move above the $35,200 barrier might start another surge. The next key resistance could be $36,500. Any more gains might send BTC toward the $38,000 level in the coming days.

Another Decline In BTC?

If Bitcoin fails to rise above the $35,000 resistance zone, it could start another decline. Immediate support on the downside is near the $34,200 level and the trend line.

The next major support is near the $33,250 level. If there is a move below the $33,250 support, there is a risk of more downsides. In the stated case, the price could 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 – $34,200, followed by $33,250.

Major Resistance Levels – $34,750, $35,000, and $35,200.

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