Bitcoin price made another attempt to clear $35,000, but it failed against the US Dollar. BTC is currently consolidating above the $33,000 support zone, with a few positive signs.
- Bitcoin is still facing a strong resistance near the $34,850 and $35,000 levels.
- The price is currently holding the key $33,000 support level and testing the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $34,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could make another attempt to surpass $35,000 if it clears the $34,500 resistance level.
Bitcoin Price Is Stuck Below $35,000
After a strong surge, bitcoin price trimmed most its gains and settled below $35,000. BTC even spiked below the $34,000 support level and the 100 hourly simple moving average.
A low is formed near $32,178 and the price is currently correcting higher. There was a break above the 23.6% downward move from the $38,590 swing high to $32,178 low. Bitcoin is now holding the key $33,000 support level and testing the 100 hourly simple moving average.Source:If there is a clear break above the triangle resistance and $34,850, the price could clear the $35,000 barrier. The next key resistance is near the $35,380 level. It is close to the 50% downward move from the $38,590 swing high to $32,178 low.