{"id":31360,"date":"2023-10-24T03:52:43","date_gmt":"2023-10-24T07:52:43","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31360"},"modified":"2023-10-24T03:52:43","modified_gmt":"2023-10-24T07:52:43","slug":"bitcoin-price-rally-to-35000-could-be-the-start-the-bulls-needed","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/24\/bitcoin-price-rally-to-35000-could-be-the-start-the-bulls-needed\/","title":{"rendered":"Bitcoin Price Rally To $35,000 Could Be The Start The Bulls Needed"},"content":{"rendered":"

Bitcoin price is up over 15% and trading near the $35,000 resistance. BTC could correct in the short term before it starts another increase.<\/em><\/p>\n

Bitcoin started a strong increase after there was speculation of spot ETF being listed DTCC.
\nThe price is trading above $34,000 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct in the short term before it resumes its increase.<\/p>\n

Bitcoin Price Jumps Over 15%<\/h2>\n

Bitcoin price started a strong increase after there was speculation of spot ETF being listed DTCC. BTC gained bullish momentum after it broke the $32,000 resistance zone<\/a>.<\/p>\n

There was a decent increase toward the $35,000 resistance zone. A new multi-week high is formed near $35,225 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.<\/p>\n

Bitcoin is now trading above $34,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $34,800 level. The next key resistance could be near $35,250. A clear move above the recent high might send the price toward the $36,200 resistance. The next key resistance could be $37,000. Any more gains might send BTC toward the $38,000 level in the coming days.<\/p>\n

Downsides Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,120 level.<\/p>\n

The next major support is near the $32,800 level and the trend line. If there is a move below the trend line support, the price may perhaps decline toward the $31,500 level in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $34,120, followed by $32,800.<\/p>\n

Major Resistance Levels \u2013 $34,800, $35,000, and $35,250.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is up over 15% and trading near the $35,000 resistance. BTC could correct in the short term before it starts another increase.<\/em><\/p>\n

Bitcoin started a strong increase after there was speculation of spot ETF being listed DTCC.
\nThe price is trading above $34,000 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct in the short term before it resumes its increase.<\/p>\n

Bitcoin Price Jumps Over 15%<\/h2>\n

Bitcoin price started a strong increase after there was speculation of spot ETF being listed DTCC. BTC gained bullish momentum after it broke the $32,000 resistance zone<\/a>.<\/p>\n

There was a decent increase toward the $35,000 resistance zone. A new multi-week high is formed near $35,225 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.<\/p>\n

Bitcoin is now trading above $34,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support near $32,500 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $30,400 swing low to the $35,225 high.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $34,800 level. The next key resistance could be near $35,250. A clear move above the recent high might send the price toward the $36,200 resistance. The next key resistance could be $37,000. Any more gains might send BTC toward the $38,000 level in the coming days.<\/p>\n

Downsides Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,120 level.<\/p>\n

The next major support is near the $32,800 level and the trend line. If there is a move below the trend line support, the price may perhaps decline toward the $31,500 level in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $34,120, followed by $32,800.<\/p>\n

Major Resistance Levels \u2013 $34,800, $35,000, and $35,250.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31360","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31360"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31360\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31360"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}