{"id":466694,"date":"2021-07-02T03:08:58","date_gmt":"2021-07-02T03:08:58","guid":{"rendered":"https:\/\/wncen.com\/?p=466694"},"modified":"2024-06-11T13:56:46","modified_gmt":"2024-06-11T13:56:46","slug":"bitcoin-price-reaches-key-support-32k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-reaches-key-support-32k\/","title":{"rendered":"TA: Bitcoin Price Reaches Key Support, Why BTC Could Start Fresh Increase"},"content":{"rendered":"<p><em>Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is approaching a major suppot near $32,350, where the bulls might take a stand.<\/em><\/p>\n<ul>\n<li>Bitcoin started a downside correction from the $36,650 zone.<\/li>\n<li>The price is now trading below $34,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to start a fresh increase as long as there is no close below $32,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Approaching Support<\/h2>\n<p>Bitcoin failed to stay above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-could-turn-bearish-34k\/\" target=\"_blank\" rel=\"noopener \">$35,000 support zone<\/a> and it started a fresh decline. BTC broke the $34,000 support zone to move into a short-term bearish zone.<\/p>\n<p>There was also a break below the 50% Fib retracement level of the upward move from the $30,185 swing low to $36,698 high. It is now trading below $34,500 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-lacks-momentum-36k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>An immediate support on the downside is near the $32,650 level. It is near the 61.8% Fib retracement level of the upward move from the $30,185 swing low to $36,698 high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-466695\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png?resize=1936%2C1127\" alt=\"Bitcoin Price\" width=\"1936\" height=\"1127\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png?w=1936 1936w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-1.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>The next key support is near the $32,000 zone. If there is a downside break below the $32,350 and $32,000 support levels, the price could continue to move down. In the stated case, the price might decline towards the $30,200 zone. Any more losses may possibly push the price towards the $29,000 support zone.<\/p>\n<h2>Fresh Increase in BTC?<\/h2>\n<p>If bitcoin remains stable above the $32,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $33,800 level and the trend line.<\/p>\n<p>The next key resistance is near $34,000, above which the price could test the 100 hourly SMA at $34,500. Any more gains could lift the price towards the $35,000 resistance. In this case, the bulls could even aim a fresh test of $36,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $32,350, followed by $32,000.<\/p>\n<p>Major Resistance Levels \u2013 $33,800, $34,000 and $34,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is approaching a major suppot near $32,350, where the bulls might take a stand. Bitcoin started a downside correction from the $36,650 zone. The price is now trading below $34,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to start a fresh increase as long as there is no close below $32,000. Bitcoin Price is Approaching Support Bitcoin failed to stay above the $35,000 support zone and it started a fresh decline. BTC broke the $34,000 support zone to move into a short-term bearish zone. There was also a break below the 50% Fib retracement level of the upward move from the $30,185 swing low to $36,698 high. It is now trading below $34,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC\/USD pair. An immediate support on the downside is near the $32,650 level. It is near the 61.8% Fib retracement level of the upward move from the $30,185 swing low to $36,698 high. Source: BTCUSD on TradingView.com The next key support is near the $32,000 zone. If there is a downside break below the $32,350 and $32,000 support levels, the price could continue to move down. In the stated case, the price might decline towards the $30,200 zone. Any more losses may possibly push the price towards the $29,000 support zone. Fresh Increase in BTC? If bitcoin remains stable above the $32,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $33,800 level and the trend line. The next key resistance is near $34,000, above which the price could test the 100 hourly SMA at $34,500. Any more gains could lift the price towards the $35,000 resistance. In this case, the bulls could even aim a fresh test of $36,500. 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 $32,350, followed by $32,000. Major Resistance Levels \u2013 $33,800, $34,000 and $34,500.<\/p>\n","protected":false},"author":67,"featured_media":464001,"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-466694","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 Price Reaches Key Support, Why BTC Could Start Fresh Increase<\/title>\n<meta name=\"description\" content=\"Bitcoin price is correcting gains from well above $35,000 against the US Dollar. 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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 Price Reaches Key Support, Why BTC Could Start Fresh Increase","url":"http:\/\/wncen.com\/news\/bitcoin-price-reaches-key-support-32k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-reaches-key-support-32k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1402375832-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1402375832-1.jpg?fit=1000%2C667"},"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":"2021-07-02T03:08:58Z","datePublished":"2021-07-02T03:08:58Z","dateModified":"2024-06-11T13:56:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Price Reaches Key Support, Why BTC Could Start Fresh Increase\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-reaches-key-support-32k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-reaches-key-support-32k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1402375832-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1402375832-1.jpg?fit=1000%2C667\"},\"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\":\"2021-07-02T03:08:58Z\",\"datePublished\":\"2021-07-02T03:08:58Z\",\"dateModified\":\"2024-06-11T13:56:46Z\"}<\/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_1402375832-1.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466694"}],"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=466694"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466694\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464001"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=466694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=466694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=466694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}