{"id":465997,"date":"2021-06-22T03:08:12","date_gmt":"2021-06-22T03:08:12","guid":{"rendered":"https:\/\/wncen.com\/?p=465997"},"modified":"2024-06-11T13:56:31","modified_gmt":"2024-06-11T13:56:31","slug":"bitcoin-btc-eyes-recovery-35k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-eyes-recovery-35k\/","title":{"rendered":"TA: Bitcoin Eyes Recovery, Here\u2019s Why BTC Could Struggle Near $35K"},"content":{"rendered":"
Bitcoin price extended its decline and tested the $31,500 zone against the US Dollar. BTC is now recovering losses, but it is likely to face sellers near $34,000 and $35,000.<\/em><\/p>\n Bitcoin struggled to stay above the $33,000 zone and it extended its decline<\/a>. BTC broke the $32,500 and $32,000 support levels to move further into a bearish zone.<\/p>\n The price even spiked below the $31,500 level and settled well below the 100 hourly simple moving average. It traded as low as $31,310 and it recently started an upside correction. Bitcoin is now back above the $32,000 and $32,500 resistance levels.<\/p>\n There was also a break above the 23.6% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low. An initial resistance on the upside is near the $33,800 level (the recent breakdown zone).<\/p>\n The 50% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low is also near $33,800. The main resistance is now forming near the $35,000 level and the 100 hourly simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n Therefore, bitcoin bulls are likely to face a major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside sits at $36,200.<\/p>\n If bitcoin fails to clear the $33,800 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $32,000 level.<\/p>\n The next major support is near the $31,500 level. A downside break below $31,500 could open the doors for more losses. In the stated case, the price might even test $30,000.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly moving into the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to clear the 50 level.<\/p>\n Major Support Levels \u2013 $32,000, followed by $31,500.<\/p>\n Major Resistance Levels \u2013 $33,800, $34,000 and $35,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price extended its decline and tested the $31,500 zone against the US Dollar. BTC is now recovering losses, but it is likely to face sellers near $34,000 and $35,000. Bitcoin remained in a bearish zone and it even broke the $32,000 support zone. The price is now trading well below $35,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to correct higher, but the bears could prevent gains above $35,000 in the near term. Bitcoin Price Could Recover Losses Bitcoin struggled to stay above the $33,000 zone and it extended its decline. BTC broke the $32,500 and $32,000 support levels to move further into a bearish zone. The price even spiked below the $31,500 level and settled well below the 100 hourly simple moving average. It traded as low as $31,310 and it recently started an upside correction. Bitcoin is now back above the $32,000 and $32,500 resistance levels. There was also a break above the 23.6% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low. An initial resistance on the upside is near the $33,800 level (the recent breakdown zone). The 50% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low is also near $33,800. The main resistance is now forming near the $35,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com Therefore, bitcoin bulls are likely to face a major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside sits at $36,200. More Losses in BTC? If bitcoin fails to clear the $33,800 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $32,000 level. The next major support is near the $31,500 level. A downside break below $31,500 could open the doors for more losses. In the stated case, the price might even test $30,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to clear the 50 level. Major Support Levels \u2013 $32,000, followed by $31,500. Major Resistance Levels \u2013 $33,800, $34,000 and $35,000.<\/p>\n","protected":false},"author":67,"featured_media":461703,"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-465997","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\n
Bitcoin Price Could Recover Losses<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses in BTC?<\/h2>\n