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Bitcoin Price Nears $35K!

BTC price reaches close to $35K, will there be another decline?

Bitcoin price recovered over $33,000. However, it didn’t successfully climb over $35,000 against the USD. BTC retreats from the 100 hourly SMA and it might extend its losses.

Bitcoin Price faces obstacles

The largest cryptocurrency began a steady increase over the $33,000 and $33,500 resistance levels. BTC also spiked over the $34,000 resistance zone. However, it didn’t gain pace over the 100 hourly simple moving average.

It is now falling obstacles around $34,000 and the 100 hourly simple moving average. A high has formed close to $34,877 and the price is now correcting gains. It declined lower than 23.6% Fib retracement level of the latest recovery from the $28,900 swing low to $34,877 high.

Bitcoin price

A quick support on the downside is close to the $31,800 level. It is close to the 50% Fib retracement level of the current recovery from the $28,900 swing low to $34,877 high.

An initial resistance is close to the $33,800 level. Also, there is a crucial bearish trend line that forms with a resistance near $33,800 on the hourly chart of the BTC/USD pair. The main resistance remains near the $34,000 zone.

Bitcoin should clear the 100 hourly SMA and settle over the $34,000 zone to move into a positive zone. The next major resistance for the bulls can be $35,000.

Will BTC face even more losses?

If ever bitcoin fails to clear the $34,000 resistance or then trend line resistance, it may continue to drop. A quick support on the downside is close to the $31,800 level.

The next major support is close to the $31,200 level. A downside break lower than $31,200 can open the doors for a fresh drop towards the $30,000 zone in the next sessions.

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