Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $35K

Aayush Jindal

Last Updated: June 11, 2024 2:30 pm

2 mins read

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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.

Bitcoin is still facing a major hurdle near the $35,000 resistance.
The price is trading above $34,250 and the 100 hourly Simple moving average.
There 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).
The pair could correct lower, but the bulls might remain active near $34,000.

Bitcoin Price Remains Supported

Bitcoin price attempted another increase above the $34,750 resistance. BTC spiked above the $34,950 level. However, the price remained capped below the main barrier at $35,000.

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.

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

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.

Source: BTCUSD on TradingView.com

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.

Bearish Reaction In BTC?

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.

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.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $34,260, followed by $34,000.

Major Resistance Levels – $34,650, $34,750, and $35,000.

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.
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