• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
Bitcoin

TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task

Aayush Jindal by Aayush Jindal
2 years ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin price is stuck in a range below the $33,500 and $33,800 resistance levels against the US Dollar. BTC is likely to continue lower unless it clears the $33,800 resistance.

  • Bitcoin retested the $31,000 zone and managed to stay in a range.
  • The price is currently facing resistance near $32,800 and the 100 hourly simple moving average.
  • There is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could trade in a range, with a strong resistance near $33,500 and $33,800.

Bitcoin Price Is Facing Strong Resistance

After a failed attempt to clear the $35,000 resistance, bitcoin price trimmed gains and traded below $33,800. BTC even broke the $32,500 level and settled below the 100 hourly simple moving average.

There was a spike below the $31,000 level, but it remained stable above $30,800. A low is formed near $30,823 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the downward move from the $34,915 high to $30,823 low.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin price is currently facing resistance near $32,800 and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $34,915 high to $30,823 low is also near $32,800.

Bitcoin Price

Source: BTCUSD on TradingView.com

At the outset, it seems like there is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC/USD pair.  To continue higher, the bulls need to gain strength above $32,500, $32,800 and the 100 hourly SMA.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The next strong resistance is near the $33,500 and $33,800 levels. A close above $33,800 could increase the chances of a steady rise in the coming sessions.

Fresh Dip in BTC?

If bitcoin fails to clear the $32,800 resistance or $33,500, it could start a fresh decline. An initial support is near the channel support at $31,900.

A clear break below the channel support could open the doors for a larger decline towards the $30,800 support. Any more losses may possibly call for a downside break below the $30,000 support zone.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.

Major Support Levels – $31,800, followed by $30,800.

Major Resistance Levels – $32,800, $33,500 and $33,800.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

Bitcoin Price Takes Hit as Indicators Signal Fresh Bearish Wave

6 hours ago
Bitcoin

Bitcoin Price Recovers Ground But This Resistance Is The Key For Upside

1 day ago
Bitcoin

Bitcoin Price Grinds Lower But This Support Can Spark A Fresh Increase

2 days ago
bitcoin golden cross death cross

Bitcoin Golden Cross Versus Death Cross: Why The Outcome Is Critical

3 days ago
Bitcoin

Bitcoin Price Dips As Dollar Rips, Key Support Nearby

3 days ago
Bitcoin

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

6 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Bitcoin (BTC) Sends the Cryptocurrency Market Green; Ethereum (ETH) and Orbeon Protocol (ORBN) Investors Among Those Set to Profit

February 9, 2023

MATIC, Snowfall Protocol (SNW), and Solana (SOL) (SOL) Surge in Early 2023 Crypto Rally

February 9, 2023

SEC Calls for Bitcoin (BTC) and Ethereum (ETH) Regulation As Snowfall Protocol (SNW) Presale Ends on a High Note

February 8, 2023

Chainlink (LINK) and Orbeon Protocol (ORBN) Outperform the Market, Experts Predict Big Growth in 2023

February 8, 2023

ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF CRYPTO” TV SHOW, KILLER WHALES

February 7, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.