Bitcoin hangs near $35K. What might trigger a strong rally?
Bitcoin price climbed higher and then settled above the $34,000 level against the USD. BTC seems to continue higher if it settles over the $35,000 in the near term.
Bitcoin Price is still supported
Bitcoin stayed above the main $30,000 support zone. BTC started a fresh increase over the $32,500 and $33,500 resistance levels. The price then broke the $34,000 pivot level.
It now trades nicely over the $34,000 and the 100 hourly simple moving average. There has been a spike over the $35,000 level. But the bulls failed to gain strength over the $35,000 and the price now consolidates gains.
It attempted the 23.6% Fib retracement level of the upward move from the $30,180 swing low to $35,315 high. Bitcoin now trades well over above the $34,500 level. There is also a key bullish trend line that forms with support near $34,500 on the hourly chart of the BTC/USD pair.
If the pair didn’t stay over the trend line support, it might decline even more to $33,200 and the 100 hourly SMA. The upcoming major support is close to the $32,800 level. It is close to the 50% Fib retracement level of the upward move from the $30,180 swing low to $35,315 high.
A new rally in BTC?
If Bitcoin stays stable over the trend line support, it can rise above the $35,000 resistance. An immediate resistance is close to the $35,500 level.
The next main resistance is close to $36,500, over which the bulls seem to aim a rally to $38,000. Any more gains can lift the price to the key $40,000 zone in the next term.
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