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.