Near $35,250, the price of bitcoin is confronting a significant obstacle. After breaking above the resistance levels at $35,250 and $35,500, Bitcoin may rise towards $37,000.
The goal for Bitcoin is to make a new high over the $36,000 barrier level.
At $34,850 and the 100 hourly Simple moving average, the price is now trading.
On the hourly chart of the BTC/USD pair, a major contracting triangle is forming, with support located at $34,320 (data feed from Kraken).
Bitcoin Price at a Crossroads: Can Bulls Propel BTC to $37K?,Bitcoin Price at a Crossroads: Can Bulls Propel BTC to $37K?
For the pair to initiate a new rise in the near future, it has to maintain above the $34,150 support level.
Price of Bitcoin Sees Further Gains
The price of bitcoin continued to trade far above the $34,000 support level. In order to initiate another upswing, BTC moved further over the $34,500 and $34,650 resistance levels.
The negative move from the $35,945 swing high to the $34,133 swing low was moved above the 50% Fib retracement line. Above $35,200, however, the bears were active. A significant obstacle appears to be in the way of the price close to $35,250.
The 61.8% Fib retracement level of the decline from the $35,945 swing high to the $34,133 swing low is proving to be difficult for Bitcoin to overcome. Right now, it’s trading close to the 100 hourly Simple Moving Average, which is $34,850.
On the hourly chart of the Bitcoin/USD pair, a significant contracting triangle is also building, with support located at $34,320. Immediate barrier on the upside is located close to the $35,050 mark. The triangle upper trend line or $35,250 may be the location of the next significant resistance.
A strong rise over the resistance level of $35,250 might pave the way for a move in the direction of the $35,500 obstacle. The price may move towards $37,000 if it breaks through the next significant barrier level of $36,000. Should there be any further advances, Bitcoin might approach $37,500.
Decline Persistence In Bitcoin?
Bitcoin may keep falling if it is unable to break over the $35,250 barrier level. Near the $34,500 bottom is where there is immediate downside support.
In the vicinity of $34,150 is the next significant support. There might be additional declines if the price drops below $34,150. In the hypothetical scenario given above, the price may possibly drop below the $34,000 support level in the near future.
Bitcoin Price at a Crossroads: Can Bulls Propel BTC to $37K?,Bitcoin Price at a Crossroads: Can Bulls Propel BTC to $37K?,Bitcoin Price at a Crossroads: Can Bulls Propel BTC to $37K? , Bitcoin Crypto news, Bitcoin News