Bitcoin

Resistance

Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone. 
<ul> 
 <li>Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.</li> 
 <li>The price is trading near $34,850 and the 100 hourly Simple moving average.</li> 
 <li>There is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if there is a clear move above the $35,350 resistance.</li> 
</ul> 
<h2 id="bitcoin-price-stuck-in-range">Bitcoin Price Stuck In Range</h2> 
Bitcoin price remained in a range above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-big-challenge-35250/" target="_blank" rel="noopener ">$34,000 support zone</a>. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350. 
The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked below the 50% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high. 
Bitcoin is now trading near $34,850 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-key-juncture-34k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair. The triangle support is near the 76.4% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high. 
On the upside, immediate resistance is near the $35,000 level. The next key resistance could be near $35,050 or the triangle upper trend line. A clear move above the $35,050 resistance might open the doors for a move toward the $35,250 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-559440" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-6.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 $35,350, above which the price could rise toward $36,000. Any more gains might send BTC toward the $36,200 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $35,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,600 low. 
The next major support is near the $34,250 zone and the triangle lower trend line. If there is a move below $34,250, there is a risk of more downsides. In the stated case, the price could even drop below the $34,000 support level in the near term. 
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 – $34,600, followed by $34,250. 
Major Resistance Levels – $35,000, $35,250, and $35,350.

Bitcoin Price Consolidates Above $34K: What Could Trigger A Fresh Rally?

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