{"id":466839,"date":"2021-07-05T03:08:36","date_gmt":"2021-07-05T03:08:36","guid":{"rendered":"https:\/\/wncen.com\/?p=466839"},"modified":"2024-06-11T13:56:49","modified_gmt":"2024-06-11T13:56:49","slug":"bitcoin-correcting-gains-34k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-correcting-gains-34k\/","title":{"rendered":"TA: Bitcoin Correcting Gains, What Could Trigger Fresh Rally"},"content":{"rendered":"<p><em>Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is likely to find a strong support near the $34,000 zone in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin started a downside correction from the $36,000 zone.<\/li>\n<li>The price is now approaching the $34,000 support and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to find a strong buying interest near $34,000 and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Approaching Support<\/h2>\n<p>Bitcoin climbed higher above the $34,000 and $35,000 resistance levels. BTC even broke the $35,500 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-reaches-key-support-32k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>However, the price failed to clear the $36,000 zone. A high was formed near $35,918 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high.<\/p>\n<p>Moreover, there was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC\/USD pair. The pair is now approaching the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-could-turn-bearish-34k\/\" target=\"_blank\" rel=\"noopener \">$34,000 support<\/a> and the 100 hourly simple moving average.<\/p>\n<p>The 50% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high is also near the $34,350 zone. The next key support is near the $34,000 zone. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to move down.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-466840\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png?resize=1816%2C788\" alt=\"Bitcoin Price\" width=\"1816\" height=\"788\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png?w=1816 1816w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-2.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>In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $31,200 support zone.<\/p>\n<h2>Fresh Increase in BTC?<\/h2>\n<p>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 $35,000 level and the trend line.<\/p>\n<p>The next key resistance is near $35,250, above which the price could test the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.<\/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 $34,350, followed by $34,000.<\/p>\n<p>Major Resistance Levels \u2013 $35,000, $35,500 and $36,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is likely to find a strong support near the $34,000 zone in the near term. Bitcoin started a downside correction from the $36,000 zone. The price is now approaching the $34,000 support and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest near $34,000 and the 100 hourly SMA. Bitcoin Price is Approaching Support Bitcoin climbed higher above the $34,000 and $35,000 resistance levels. BTC even broke the $35,500 level and the 100 hourly simple moving average. However, the price failed to clear the $36,000 zone. A high was formed near $35,918 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high. Moreover, there was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC\/USD pair. The pair is now approaching the $34,000 support and the 100 hourly simple moving average. The 50% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high is also near the $34,350 zone. The next key support is near the $34,000 zone. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to move down. Source: BTCUSD on TradingView.com In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $31,200 support 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 $35,000 level and the trend line. The next key resistance is near $35,250, above which the price could test the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance. 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 $34,350, followed by $34,000. Major Resistance Levels \u2013 $35,000, $35,500 and $36,000.<\/p>\n","protected":false},"author":67,"featured_media":460369,"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-466839","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 Correcting Gains, What Could Trigger Fresh Rally<\/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 Correcting Gains, What Could Trigger Fresh Rally","url":"http:\/\/wncen.com\/news\/bitcoin-correcting-gains-34k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-correcting-gains-34k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_262478576.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_262478576.jpg?fit=1000%2C800"},"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":"2021-07-05T03:08:36Z","datePublished":"2021-07-05T03:08:36Z","dateModified":"2024-06-11T13:56:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Correcting Gains, What Could Trigger Fresh Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-correcting-gains-34k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-correcting-gains-34k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_262478576.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_262478576.jpg?fit=1000%2C800\"},\"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\":\"2021-07-05T03:08:36Z\",\"datePublished\":\"2021-07-05T03:08:36Z\",\"dateModified\":\"2024-06-11T13:56:49Z\"}<\/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\/04\/shutterstock_262478576.jpg?fit=1000%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466839"}],"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=466839"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/460369"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=466839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=466839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=466839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}