Bitcoin price recovered above $33,000, but it failed to climb above $35,000 against the US Dollar. BTC is retreating from the 100 hourly SMA and it could extend its losses.
- Bitcoin started a decent recovery and it climbed above the $34,000 level.
- The price is now facing hurdles near $34,000 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the 100 hourly SMA and $34,000 to continue higher in the near term.
Bitcoin Price is Facing Hurdles
Bitcoin started a steady increase above the $33,000 and $33,500 resistance levels. BTC even spiked above the $34,000 resistance zone, but it failed to gain pace above the 100 hourly simple moving average.
It is now facing hurdles near $34,000 and the 100 hourly simple moving average. A high was formed near $34,877 and the price is now correcting gains. It declined below the 23.6% Fib retracement level of the recent recovery from the $28,900 swing low to $34,877 high.On the upside, an initial resistance is near the $33,800 level. There is also a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair. The main resistance is still near the $34,000 zone.
Source:Bitcoin must clear the 100 hourly SMA and then settle above the $34,000 zone to move into a positive zone. The next major resistance for the bulls could be $35,000.
