{"id":31738,"date":"2023-11-01T03:53:12","date_gmt":"2023-11-01T07:53:12","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31738"},"modified":"2023-11-01T03:53:12","modified_gmt":"2023-11-01T07:53:12","slug":"bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-35k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/01\/bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-35k\/","title":{"rendered":"Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $35K"},"content":{"rendered":"

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.<\/em><\/p>\n

Bitcoin is still facing a major hurdle near the $35,000 resistance.
\nThe price is trading above $34,250 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could correct lower, but the bulls might remain active near $34,000.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price attempted another increase above the $34,750 resistance<\/a>. BTC spiked above the $34,950 level. However, the price remained capped below the main barrier at $35,000.<\/p>\n

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.<\/p>\n

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<\/a>. There is also a key bullish trend line forming with support near $34,260 on the hourly chart of the BTC\/USD pair.<\/p>\n

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.<\/p>\n

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

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

The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start a decent increase. The next key resistance could be $35,500, above which the price could rise toward $36,200. Any more gains might send BTC toward the $37,500 level.<\/p>\n

Bearish Reaction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,650 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,270 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $34,000 level. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,500 level or even $33,200.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $34,260, followed by $34,000.<\/p>\n

Major Resistance Levels \u2013 $34,650, $34,750, and $35,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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.<\/em><\/p>\n

Bitcoin is still facing a major hurdle near the $35,000 resistance.
\nThe price is trading above $34,250 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could correct lower, but the bulls might remain active near $34,000.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price attempted another increase above the $34,750 resistance<\/a>. BTC spiked above the $34,950 level. However, the price remained capped below the main barrier at $35,000.<\/p>\n

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.<\/p>\n

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<\/a>. There is also a key bullish trend line forming with support near $34,260 on the hourly chart of the BTC\/USD pair.<\/p>\n

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.<\/p>\n

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

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

The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start a decent increase. The next key resistance could be $35,500, above which the price could rise toward $36,200. Any more gains might send BTC toward the $37,500 level.<\/p>\n

Bearish Reaction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,650 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,270 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $34,000 level. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,500 level or even $33,200.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $34,260, followed by $34,000.<\/p>\n

Major Resistance Levels \u2013 $34,650, $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-31738","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\/31738","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=31738"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31738\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31738"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}