Bitcoin

Resistance

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. 
<ul> 
 <li>Bitcoin is still facing a major hurdle near the $35,000 resistance.</li> 
 <li>The price is trading above $34,250 and the 100 hourly Simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could correct lower, but the bulls might remain active near $34,000.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price attempted another increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hints-correction-33950/" target="_blank" rel="noopener ">$34,750 resistance</a>. 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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-35k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 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. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-558520" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin.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 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. 
<h2 id="bearish-reaction-in-btc">Bearish Reaction In BTC?</h2> 
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.

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

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