{"id":32003,"date":"2023-11-07T04:54:11","date_gmt":"2023-11-07T08:54:11","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32003"},"modified":"2023-11-07T04:54:11","modified_gmt":"2023-11-07T08:54:11","slug":"bitcoin-price-consolidates-above-34k-what-could-trigger-a-fresh-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/07\/bitcoin-price-consolidates-above-34k-what-could-trigger-a-fresh-rally\/","title":{"rendered":"Bitcoin Price Consolidates Above $34K: What Could Trigger A Fresh Rally?"},"content":{"rendered":"

Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone.<\/em><\/p>\n

Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.
\nThe price is trading near $34,850 and the 100 hourly Simple moving average.
\nThere is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if there is a clear move above the $35,350 resistance.<\/p>\n

Bitcoin Price Stuck In Range<\/h2>\n

Bitcoin price remained in a range above the $34,000 support zone<\/a>. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350.<\/p>\n

The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked below the 50% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.<\/p>\n

Bitcoin is now trading near $34,850 and the 100 hourly Simple moving average<\/a>. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC\/USD pair. The triangle support is near the 76.4% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.<\/p>\n

On the upside, immediate resistance is near the $35,000 level. The next key resistance could be near $35,050 or the triangle upper trend line. A clear move above the $35,050 resistance might open the doors for a move toward the $35,250 resistance.<\/p>\n

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

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

The next key resistance could be $35,350, above which the price could rise toward $36,000. Any more gains might send BTC toward the $36,200 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,600 low.<\/p>\n

The next major support is near the $34,250 zone and the triangle lower trend line. If there is a move below $34,250, there is a risk of more downsides. In the stated case, the price could even drop below the $34,000 support level in the near term.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $34,600, followed by $34,250.<\/p>\n

Major Resistance Levels \u2013 $35,000, $35,250, and $35,350.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone.<\/em><\/p>\n

Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.
\nThe price is trading near $34,850 and the 100 hourly Simple moving average.
\nThere is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if there is a clear move above the $35,350 resistance.<\/p>\n

Bitcoin Price Stuck In Range<\/h2>\n

Bitcoin price remained in a range above the $34,000 support zone<\/a>. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350.<\/p>\n

The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked below the 50% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.<\/p>\n

Bitcoin is now trading near $34,850 and the 100 hourly Simple moving average<\/a>. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC\/USD pair. The triangle support is near the 76.4% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.<\/p>\n

On the upside, immediate resistance is near the $35,000 level. The next key resistance could be near $35,050 or the triangle upper trend line. A clear move above the $35,050 resistance might open the doors for a move toward the $35,250 resistance.<\/p>\n

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

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

The next key resistance could be $35,350, above which the price could rise toward $36,000. Any more gains might send BTC toward the $36,200 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $35,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,600 low.<\/p>\n

The next major support is near the $34,250 zone and the triangle lower trend line. If there is a move below $34,250, there is a risk of more downsides. In the stated case, the price could even drop below the $34,000 support level in the near term.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $34,600, followed by $34,250.<\/p>\n

Major Resistance Levels \u2013 $35,000, $35,250, and $35,350.<\/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-32003","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\/32003","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=32003"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32003\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32003"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}