{"id":455350,"date":"2021-01-27T03:38:50","date_gmt":"2021-01-27T03:38:50","guid":{"rendered":"https:\/\/wncen.com\/?p=455350"},"modified":"2024-06-11T14:12:59","modified_gmt":"2024-06-11T14:12:59","slug":"bitcoin-holds-strong-at-31k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-holds-strong-at-31k\/","title":{"rendered":"TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task"},"content":{"rendered":"<p><em>Bitcoin price is stuck in a range below the $33,500 and $33,800 resistance levels against the US Dollar. BTC is likely to continue lower unless it clears the $33,800 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin retested the $31,000 zone and managed to stay in a range.<\/li>\n<li>The price is currently facing resistance near $32,800 and the 100 hourly simple moving average.<\/li>\n<li>There is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could trade in a range, with a strong resistance near $33,500 and $33,800.<\/li>\n<\/ul>\n<h2>Bitcoin Price Is Facing Strong Resistance<\/h2>\n<p>After a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-remains-at-risk-30k\/\" target=\"_blank\" rel=\"noopener \">failed attempt to clear the $35,000 resistance<\/a>, bitcoin price trimmed gains and traded below $33,800. BTC even broke the $32,500 level and settled below the 100 hourly simple moving average.<\/p>\n<p>There was a spike below the $31,000 level, but it remained stable above $30,800. A low is formed near $30,823 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the downward move from the $34,915 high to $30,823 low.<\/p>\n<p>Bitcoin price is currently facing resistance near $32,800 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-consolidates-below-33k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. The 50% Fib retracement level of the downward move from the $34,915 high to $30,823 low is also near $32,800.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-455351\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>At the outset, it seems like there is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC\/USD pair.\u00a0 To continue higher, the bulls need to gain strength above $32,500, $32,800 and the 100 hourly SMA.<\/p>\n<p>The next strong resistance is near the $33,500 and $33,800 levels. A close above $33,800 could increase the chances of a steady rise in the coming sessions.<\/p>\n<h2>Fresh Dip in BTC?<\/h2>\n<p>If bitcoin fails to clear the $32,800 resistance or $33,500, it could start a fresh decline. An initial support is near the channel support at $31,900.<\/p>\n<p>A clear break below the channel support could open the doors for a larger decline towards the $30,800 support. Any more losses may possibly call for a downside break below the $30,000 support zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is struggling to gain momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now close to the 50 level.<\/p>\n<p>Major Support Levels \u2013 $31,800, followed by $30,800.<\/p>\n<p>Major Resistance Levels \u2013 $32,800, $33,500 and $33,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is stuck in a range below the $33,500 and $33,800 resistance levels against the US Dollar. BTC is likely to continue lower unless it clears the $33,800 resistance. Bitcoin retested the $31,000 zone and managed to stay in a range. The price is currently facing resistance near $32,800 and the 100 hourly simple moving average. There is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could trade in a range, with a strong resistance near $33,500 and $33,800. Bitcoin Price Is Facing Strong Resistance After a failed attempt to clear the $35,000 resistance, bitcoin price trimmed gains and traded below $33,800. BTC even broke the $32,500 level and settled below the 100 hourly simple moving average. There was a spike below the $31,000 level, but it remained stable above $30,800. A low is formed near $30,823 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the downward move from the $34,915 high to $30,823 low. Bitcoin price is currently facing resistance near $32,800 and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $34,915 high to $30,823 low is also near $32,800. Source: BTCUSD on TradingView.com At the outset, it seems like there is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC\/USD pair.\u00a0 To continue higher, the bulls need to gain strength above $32,500, $32,800 and the 100 hourly SMA. The next strong resistance is near the $33,500 and $33,800 levels. A close above $33,800 could increase the chances of a steady rise in the coming sessions. Fresh Dip in BTC? If bitcoin fails to clear the $32,800 resistance or $33,500, it could start a fresh decline. An initial support is near the channel support at $31,900. A clear break below the channel support could open the doors for a larger decline towards the $30,800 support. Any more losses may possibly call for a downside break below the $30,000 support zone. Technical indicators: Hourly MACD \u2013 The MACD is struggling to gain momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now close to the 50 level. Major Support Levels \u2013 $31,800, followed by $30,800. Major Resistance Levels \u2013 $32,800, $33,500 and $33,800.<\/p>\n","protected":false},"author":67,"featured_media":455352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-455350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task<\/title>\n<meta name=\"description\" content=\"Bitcoin price is stuck in a range below the $33,500 and $33,800 resistance levels. 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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. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task","url":"http:\/\/wncen.com\/news\/bitcoin-holds-strong-at-31k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-holds-strong-at-31k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_722119603.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_722119603.jpg?fit=1000%2C562"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-01-27T03:38:50Z","datePublished":"2021-01-27T03:38:50Z","dateModified":"2024-06-11T14:12:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-holds-strong-at-31k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-holds-strong-at-31k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/shutterstock_722119603.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/shutterstock_722119603.jpg?fit=1000%2C562\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-01-27T03:38:50Z\",\"datePublished\":\"2021-01-27T03:38:50Z\",\"dateModified\":\"2024-06-11T14:12:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_722119603.jpg?fit=1000%2C562","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455350"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=455350"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/455352"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=455350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=455350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=455350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}