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{"id":466587,"date":"2021-07-01T03:08:01","date_gmt":"2021-07-01T03:08:01","guid":{"rendered":"https:\/\/wncen.com\/?p=466587"},"modified":"2024-06-11T13:56:43","modified_gmt":"2024-06-11T13:56:43","slug":"bitcoin-price-could-turn-bearish-34k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-could-turn-bearish-34k\/","title":{"rendered":"TA: Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K"},"content":{"rendered":"

Bitcoin price failed to stay above the key $35,000 support zone against the US Dollar. BTC is declining and it could slide heavily if there is a close below $34,000.<\/em><\/p>\n

\n
Bitcoin started a fresh decline from well above the $36,500 level.<\/li>\n
The price is now trading near $34,500 and the 100 hourly simple moving average.<\/li>\n
There was a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to accelerate lower if there is a clear break below the $34,000 support zone.<\/li>\n<\/ul>\n
Bitcoin Price is Struggling<\/h2>\n
Bitcoin started a steady increase above the $35,000 resistance level<\/a>. BTC even broke the $36,000 barrier and the 100 hourly simple moving average.<\/p>\n
However, it failed to stay above the $36,500 zone. A high was formed near $36,698 and the price recently started a fresh decline. There was a break below the $35,500 and $35,000 support levels. The price broke the 23.6% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.<\/p>\n
There was also a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading near $34,500 and the 100 hourly simple moving average<\/a>.<\/p>\n
The first major support is near the $34,000 level. If there is a downside break below $34,000, the bears are likely to gain strength. The next key support is near the $33,450 level. It is near the 50% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Any more losses may possibly push the price towards the $32,000 support zone. The main support is still near the $30,000 zone.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin remains stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,200 level.<\/p>\n
The next key resistance is near $35,500, above which the bulls are likely to aim a retest of $36,500. Any more gains could lift the price towards the $38,000 resistance. The next major hurdle is near the $40,000 zone.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $34,000, followed by $33,400.<\/p>\n
Major Resistance Levels \u2013 $35,200, $35,500 and $36,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price failed to stay above the key $35,000 support zone against the US Dollar. BTC is declining and it could slide heavily if there is a close below $34,000. Bitcoin started a fresh decline from well above the $36,500 level. The price is now trading near $34,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate lower if there is a clear break below the $34,000 support zone. Bitcoin Price is Struggling Bitcoin started a steady increase above the $35,000 resistance level. BTC even broke the $36,000 barrier and the 100 hourly simple moving average. However, it failed to stay above the $36,500 zone. A high was formed near $36,698 and the price recently started a fresh decline. There was a break below the $35,500 and $35,000 support levels. The price broke the 23.6% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high. There was also a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading near $34,500 and the 100 hourly simple moving average. The first major support is near the $34,000 level. If there is a downside break below $34,000, the bears are likely to gain strength. The next key support is near the $33,450 level. It is near the 50% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high. Source: BTCUSD on TradingView.com Any more losses may possibly push the price towards the $32,000 support zone. The main support is still near the $30,000 zone. Fresh Increase in BTC? If bitcoin remains stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,200 level. The next key resistance is near $35,500, above which the bulls are likely to aim a retest of $36,500. Any more gains could lift the price towards the $38,000 resistance. The next major hurdle is near the $40,000 zone. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $34,000, followed by $33,400. Major Resistance Levels \u2013 $35,200, $35,500 and $36,500.<\/p>\n","protected":false},"author":67,"featured_media":464089,"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-466587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to stay above the key $35,000 support zone against the US Dollar. 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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: Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K","url":"http:\/\/wncen.com\/news\/bitcoin-price-could-turn-bearish-34k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-could-turn-bearish-34k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?fit=1000%2C651"},"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":"2021-07-01T03:08:01Z","datePublished":"2021-07-01T03:08:01Z","dateModified":"2024-06-11T13:56:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-could-turn-bearish-34k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-could-turn-bearish-34k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?fit=1000%2C651\"},\"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\":\"2021-07-01T03:08:01Z\",\"datePublished\":\"2021-07-01T03:08:01Z\",\"dateModified\":\"2024-06-11T13:56:43Z\"}<\/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\/05\/shutterstock_271682210.jpg?fit=1000%2C651","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466587"}],"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=466587"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464089"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=466587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=466587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=466587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}