{"id":455113,"date":"2021-01-24T05:18:45","date_gmt":"2021-01-24T05:18:45","guid":{"rendered":"https:\/\/wncen.com\/?p=455113"},"modified":"2024-06-11T13:04:33","modified_gmt":"2024-06-11T13:04:33","slug":"bitcoin-facing-uphill-34k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-facing-uphill-34k\/","title":{"rendered":"Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again"},"content":{"rendered":"<p><em>Bitcoin price is showing recovering signs above $32,000 against the US Dollar. BTC is facing an uphill task at $34,000 and it is likely to continue lower towards $30,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is correcting higher from $28,865 and it is trading above the $32,000 resistance.<\/li>\n<li>The price is facing a strong resistance near $34,000 and the 100 simple moving average (4-hours).<\/li>\n<li>There is a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could face a strong resistance near the $33,800 and $34,000 levels in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains At Risk<\/h2>\n<p>This past week, bitcoin price saw a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-struggles-below-36k\/\" target=\"_blank\" rel=\"noopener \">sharp decline<\/a> below the $35,000 and $34,000 support levels against the US Dollar. The BTC\/USD pair even tumbled below the $30,000 support and settled well below the 100 simple moving average (4-hours).<\/p>\n<p>A low was formed near $28,800 before the price started an upside correction. It broke the $30,000 level and it even recovered above the $31,500 level.<\/p>\n<p>There was also a test of the 50% Fib retracement level of the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-nosedives-to-28-5k\/\" target=\"_blank\" rel=\"noopener \">downward move<\/a> from the $37,847 swing high to $28,867 low. There is also a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-455114\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png?resize=1944%2C1149\" alt=\"Bitcoin Price\" width=\"1944\" height=\"1149\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png?w=1944 1944w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-18.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>If there is a triangle break, the price could face hurdles near the $33,800 and $34,000 levels. There is also a key bearish trend line forming near $34,500 on the same chart. It is close to the 61.8% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low.<\/p>\n<p>A close above the $34,000 and $34,500 resistance levels could open the doors for a larger increase. The next major hurdle is near the $38,000 level.<\/p>\n<h2>Fresh Drop in BTC?<\/h2>\n<p>If bitcoin fails to clear the $33,500 and $34,000 resistance levels, there is a risk of another decline. An initial support on the downside is near the $31,800 level.<\/p>\n<p>A clear break below the $31,800 and $31,500 support levels could clear the path for a push towards the $30,000 support zone in the near term. Any more losses might call for a test of $28,800.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly gaining momentum in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is rising towards the 50 level.<\/p>\n<p>Major Support Level \u2013 $30,000<\/p>\n<p>Major Resistance Level \u2013 $34,000<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is showing recovering signs above $32,000 against the US Dollar. BTC is facing an uphill task at $34,000 and it is likely to continue lower towards $30,000. Bitcoin is correcting higher from $28,865 and it is trading above the $32,000 resistance. The price is facing a strong resistance near $34,000 and the 100 simple moving average (4-hours). There is a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could face a strong resistance near the $33,800 and $34,000 levels in the near term. Bitcoin Price Remains At Risk This past week, bitcoin price saw a sharp decline below the $35,000 and $34,000 support levels against the US Dollar. The BTC\/USD pair even tumbled below the $30,000 support and settled well below the 100 simple moving average (4-hours). A low was formed near $28,800 before the price started an upside correction. It broke the $30,000 level and it even recovered above the $31,500 level. There was also a test of the 50% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low. There is also a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com If there is a triangle break, the price could face hurdles near the $33,800 and $34,000 levels. There is also a key bearish trend line forming near $34,500 on the same chart. It is close to the 61.8% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low. A close above the $34,000 and $34,500 resistance levels could open the doors for a larger increase. The next major hurdle is near the $38,000 level. Fresh Drop in BTC? If bitcoin fails to clear the $33,500 and $34,000 resistance levels, there is a risk of another decline. An initial support on the downside is near the $31,800 level. A clear break below the $31,800 and $31,500 support levels could clear the path for a push towards the $30,000 support zone in the near term. Any more losses might call for a test of $28,800. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is rising towards the 50 level. Major Support Level \u2013 $30,000 Major Resistance Level \u2013 $34,000<\/p>\n","protected":false},"author":67,"featured_media":455115,"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-455113","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>Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing recovering signs above $32,000. 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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":"Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again","url":"http:\/\/wncen.com\/news\/bitcoin-facing-uphill-34k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-facing-uphill-34k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_146143109.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/shutterstock_146143109.jpg?fit=1000%2C684"},"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":"2021-01-24T05:18:45Z","datePublished":"2021-01-24T05:18:45Z","dateModified":"2024-06-11T13:04:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-facing-uphill-34k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-facing-uphill-34k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/shutterstock_146143109.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/shutterstock_146143109.jpg?fit=1000%2C684\"},\"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\":\"2021-01-24T05:18:45Z\",\"datePublished\":\"2021-01-24T05:18:45Z\",\"dateModified\":\"2024-06-11T13:04:33Z\"}<\/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\/01\/shutterstock_146143109.jpg?fit=1000%2C684","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455113"}],"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=455113"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/455115"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=455113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=455113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=455113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}