{"id":31611,"date":"2023-10-30T03:52:55","date_gmt":"2023-10-30T07:52:55","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=31611"},"modified":"2023-10-30T03:52:55","modified_gmt":"2023-10-30T07:52:55","slug":"bitcoin-price-consolidates-below-35k-heres-what-could-trigger-bearish-reaction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/30\/bitcoin-price-consolidates-below-35k-heres-what-could-trigger-bearish-reaction\/","title":{"rendered":"Bitcoin Price Consolidates Below $35K \u2013 Here\u2019s What Could Trigger Bearish Reaction"},"content":{"rendered":"

Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA.<\/em><\/p>\n

Bitcoin is still struggling to clear the $35,000 resistance.
\nThe price is trading above $34,200 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with support near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline sharply if there is a close below $34,000 and then $33,400.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price started another increase above the $34,200 resistance zone. BTC climbed higher toward the $35,000 resistance zone<\/a>, but there was lack of momentum.<\/p>\n

The price traded as high as $34,758 and struggled to continue higher. It is now correcting gains below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high.<\/p>\n

Bitcoin is now trading above $34,200 and the 100 hourly Simple moving average. There is also a key rising channel forming with support near $34,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $34,500 level. The next key resistance could be near $34,750 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start another steady increase.<\/p>\n

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

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

The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send BTC toward the $36,500 level<\/a> in the near term.<\/p>\n

Downside Correction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,750 resistance zone, it could start another decline. Immediate support on the downside is near the $34,200 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $34,000 level or the 50% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 level or even $32,500.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $34,200, followed by $34,000.<\/p>\n

Major Resistance Levels \u2013 $34,500, $34,750, and $35,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA.<\/em><\/p>\n

Bitcoin is still struggling to clear the $35,000 resistance.
\nThe price is trading above $34,200 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with support near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline sharply if there is a close below $34,000 and then $33,400.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price started another increase above the $34,200 resistance zone. BTC climbed higher toward the $35,000 resistance zone<\/a>, but there was lack of momentum.<\/p>\n

The price traded as high as $34,758 and struggled to continue higher. It is now correcting gains below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high.<\/p>\n

Bitcoin is now trading above $34,200 and the 100 hourly Simple moving average. There is also a key rising channel forming with support near $34,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $34,500 level. The next key resistance could be near $34,750 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start another steady increase.<\/p>\n

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

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

The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send BTC toward the $36,500 level<\/a> in the near term.<\/p>\n

Downside Correction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,750 resistance zone, it could start another decline. Immediate support on the downside is near the $34,200 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $34,000 level or the 50% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 level or even $32,500.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $34,200, followed by $34,000.<\/p>\n

Major Resistance Levels \u2013 $34,500, $34,750, and $35,000.<\/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-31611","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\/31611","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=31611"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31611\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31611"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}