Bitcoin price is recovering higher above $32,000 against the US Dollar. BTC must surpass $34,500 and $35,000 for more upsides in the near term.
Bitcoin Price Analysis
Bitcoin price struggled to remain above the $35,000 support zone and it extended its decline. BTC broke the $32,000 and $30,000 support levels to move further into a bearish zone.
The price even spiked below $29,000, but it found a strong buying interest near the $28,850 level. A low was formed near $28,851 and it recently started a major increase. The price climbed above the $31,000 and $32,000 resistance levels.
However, the price is still trading below the $35,000 zone and the 55 simple moving average (4-hours). The price climbed above the 23.6% Fib retracement level of the key decline from the $41,411 swing high to $28,851 swing low.
The price is now facing a strong resistance near the $34,000 zone. There is also a major bearish trend line forming with resistance near $34,000 on the 4-hours chart of the BTC/USD pair.
The next major resistance is near the $35,000 zone. The 50% Fib retracement level of the key decline from the $41,411 swing high to $28,851 swing low is also near the $35,000 zone. A clear upside break above $35,000 could lead the price towards the 55 simple moving average (4-hours).
On the downside, an initial support is near the $32,000 level. The main support is now forming near $30,500, below which there is a risk of a sharp decline in the coming sessions.
Looking at the chart, bitcoin price is clearly trading well below $35,000 and the 55 simple moving average (4-hours). Overall, the price must clear the trend line and $34,500 to move into a positive zone in the near term.
4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now just above the 50 level.
Key Support Levels – $32,000 and $30,500.
Key Resistance Levels – $34,000, $35,000 and $36,500.
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