Bitcoin Surge Isn’t Over Yet, Why BTC Could Hit $34K Soon

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price remained in a bullish zone and climbed above $30,000 against the US Dollar. BTC corrected lower after reaching a new all-time high, but it is likely to continue higher towards $34,000.

Bitcoin is up 12% and it is trading well above the $30,000 resistance zone.
The price is showing a lot of positive signs above $31,000 and the 100 simple moving average (4-hours).
There is a major bullish trend line forming with support near $30,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher towards the $34,000 and $35,000 levels in the near term.

Bitcoin Price Sets New ATH

In the past few days, there was a strong increase in bitcoin price above the $25,000 resistance against the US Dollar. The BTC/USD pair broke many major barriers near $28,000 and $30,000 to continue higher.

The bulls even pushed the price above the $32,000 level and BTC traded to a new all-time high near $33,300. Recently, there was a sharp downside correction below the $32,000 level. The price even spiked below the $31,000 level, but it stayed above the $30,000 support.

A low is formed near $30,316 and it started a fresh increase. There was a break above the $31,000 resistance zone. The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $33,298 high to $30,316 low.

It is now trading nicely above the $32,000 resistance zone. There was a also a break above the 76.4% Fib retracement level of the recent decline from the $33,298 high to $30,316 low.

It seems like bitcoin price may soon clear the $33,298 high and trade to a new all-time high. The next key resistance could be near the $34,000 level. It is close to the 1.236 Fib extension level of the recent decline from the $33,298 high to $30,316 low.

Dips Supported in BTC?

If there is a fresh downside correction, bitcoin price might find bids near the $32,000 and $31,500 levels. There is also a major bullish trend line forming with support near $30,800 on the 4-hours chart of the BTC/USD pair.

The main support is now forming near the $30,000 level. A close below the $30,000 level might call for an extended decline towards the $28,500 level.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Level – $30,800

Major Resistance Level – $40,000

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

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Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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