Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K

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 – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $34,000, followed by $33,400.
Major Resistance Levels – $35,200, $35,500 and $36,500.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Football lengend David Beckham joins Greed island

On November 5th, the English football superstar David Beckham announced that he would join the Greed Island team, and the whitelist application channel has...

The NFT Project Driving Freedom of Speech in The Metaverse

"Schooling" The Metaverse On Free Speech, Tanked Gil Schoolies NFT's Use Comedy to Fight Cancel Culture With Freedom of Speech Under Attack in and around...

Potential projects to get whitelisted on Solana and Ethereum

The rapid expansion of the NFT sector over the last year has made possible a plethora of innovative new endeavors. The early identification of...

THE Ape-Revolution of the Defi Space

What do you get when you combine game-changing utility, an experienced team in Defi and a frenetic committed community? A monster coin in the...

The Sublimation of Metaverse Experience: Visualization, Multi-scene, Immersion

DID, Metaverse, Immersive Experience, On-chain Visualization, On-chain Interaction In recent years, the "metaverse" has become the new consensus of the global technology giants on the...

Funex Club Announces the Launch of its Upcoming Multi-Chain Decentralized Crypto Wallet – Funex Pro

VILNIUS, LITHUANIA / ACCESSWIRE / October 17, 2022 / After the successful launches and presale programs of its native currency, i.e., Funex Coin - Funex Club is...

NuriFlex successfully completed 1st round of NuriTopia $NBLU token private sales

VANCOUVER, British Columbia -- NuriFlex Holdings Inc. (www.nuri.ca, “NuriFlex”) announced that it has successfully completed 1st round of $NBLU token private sales. $NBLU token...

Bowled.Io To Build A Multilateral Community In Partnership With Prominent Web3 Ecosystem Players

Gaming is the fastest-growing entertainment industry in India. The number of online gamers in India has nearly doubled to 510 million from 269 million...