Why Bitcoin Price Remains At Risk of A Drop To $31K After Elion\u2019s Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains. BTC started a fresh decline and it is now struggling to stay above $33,500.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/why-bitcoin-price-remains-at-risk-of-a-drop-to-31k-after-elions-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Bitcoin Price Remains At Risk of A Drop To $31K After Elion\u2019s Rally\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains. 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{"id":455617,"date":"2021-01-31T04:28:29","date_gmt":"2021-01-31T04:28:29","guid":{"rendered":"https:\/\/wncen.com\/?p=455617"},"modified":"2024-06-11T14:13:03","modified_gmt":"2024-06-11T14:13:03","slug":"why-bitcoin-price-remains-at-risk-of-a-drop-to-31k-after-elions-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-price-remains-at-risk-of-a-drop-to-31k-after-elions-rally\/","title":{"rendered":"Why Bitcoin Price Remains At Risk of A Drop To $31K After Elion\u2019s Rally"},"content":{"rendered":"

Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains against the US Dollar. BTC started a fresh decline and it is now struggling to stay above $33,500.<\/em><\/p>\n

\n
Bitcoin is showing a few bearish signs below the $35,000 and $35,500 resistance levels.<\/li>\n
The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours).<\/li>\n
There is a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair either decline heavily towards $31,000 or it might clear $35,000 for a fresh increase.<\/li>\n<\/ul>\n
Bitcoin Price Remains At Risk<\/h2>\n
This past week, bitcoin price saw a sharp upward move above the $35,000 resistance<\/a> against the US Dollar. The BTC\/USD pair surged over 15% and it even climbed above the $36,500 level.<\/p>\n
The price spiked above the $38,000 resistance and settled above the 100 simple moving average (4-hours). A high was formed near $38,603 before the price started a fresh decline. There was a sharp decline below the $36,500 and $36,000 levels.<\/p>\n
Bitcoin price even traded below the 50% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price even tested the $33,000 support level.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
It found support near the 61.8% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours).<\/p>\n
There is also a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC\/USD pair. If there is a clear break below the trend line, the price could continue to move down below $33,500. The next major support is at $33,000. Any more losses could lead the price towards the $31,000 support zone<\/a>.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin stays above the trend line support, there are chances of a fresh increase above $34,500. An initial resistance on the upside is near the $35,000 level.<\/p>\n
A proper break and close above the $35,000 resistance will most likely set the pace for a sustained upward move in the coming sessions. The next major resistance on the upside is near the $36,400 level.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is slowly gaining momentum in the bearish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 50 level.<\/p>\n
Major Support Level \u2013 $33,500<\/p>\n
Major Resistance Level \u2013 $35,000<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains against the US Dollar. BTC started a fresh decline and it is now struggling to stay above $33,500. Bitcoin is showing a few bearish signs below the $35,000 and $35,500 resistance levels. The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair either decline heavily towards $31,000 or it might clear $35,000 for a fresh increase. Bitcoin Price Remains At Risk This past week, bitcoin price saw a sharp upward move above the $35,000 resistance against the US Dollar. The BTC\/USD pair surged over 15% and it even climbed above the $36,500 level. The price spiked above the $38,000 resistance and settled above the 100 simple moving average (4-hours). A high was formed near $38,603 before the price started a fresh decline. There was a sharp decline below the $36,500 and $36,000 levels. Bitcoin price even traded below the 50% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price even tested the $33,000 support level. It found support near the 61.8% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC\/USD pair. If there is a clear break below the trend line, the price could continue to move down below $33,500. The next major support is at $33,000. Any more losses could lead the price towards the $31,000 support zone. Fresh Increase in BTC? If bitcoin stays above the trend line support, there are chances of a fresh increase above $34,500. An initial resistance on the upside is near the $35,000 level. A proper break and close above the $35,000 resistance will most likely set the pace for a sustained upward move in the coming sessions. The next major resistance on the upside is near the $36,400 level. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 50 level. Major Support Level \u2013 $33,500 Major Resistance Level \u2013 $35,000<\/p>\n","protected":false},"author":67,"featured_media":455619,"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-455617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy Bitcoin Price Remains At Risk of A Drop To $31K After Elion\u2019s Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains. 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