Bitcoin

Resistance

Bitcoin price is still struggling to gain pace for a move above $35,000. BTC could correct a few points before the bulls attempt another increase. 
<ul> 
 <li>Bitcoin is still struggling to clear the $35,000 resistance.</li> 
 <li>The price is trading above $34,150 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term rising channel forming with support near $34,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could correct lower toward the $34,000 zone before it attempts a fresh increase.</li> 
</ul> 
<h2 id="bitcoin-price-eyes-fresh-increase">Bitcoin Price Eyes Fresh Increase</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-35k/" target="_blank" rel="noopener ">remained strong above the $33,800 level</a>. BTC formed a base and attempted another increase above the $34,500 resistance zone. It even spiked toward the main barrier at $35,000. 
However, there was no upside continuation. The price formed a top near $34,953 and recently corrected lower. There was a move below the $34,600 level. The price declined below the 23.6% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high. 
Bitcoin is now trading above $34,280 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-100-sma-33400/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a short-term rising channel forming with support near $34,280 on the hourly chart of the BTC/USD pair. 
On the upside, immediate resistance is near the $34,780 level. The next key resistance could be near $34,950 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start a decent increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-558329" src="https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/Bitcoin-22.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send BTC toward the $36,500 level in the near term. 
<h2 id="dips-in-btc">Dips In BTC?</h2> 
If Bitcoin fails to rise above the $34,750 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,250 level and the 100 hourly Simple moving average. 
The next major support is near the $33,950 level or the 61.8% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high. If there is a move below $33,950, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 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 below the 50 level. 
Major Support Levels – $34,280, followed by $33,950. 
Major Resistance Levels – $34,750, $34,950, and $35,000.

Bitcoin Price Hints At Potential Correction, Buy The Dip?

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