NEW DELHI (CoinChapter.com) — Bitcoin price is facing a key hurdle at $35,750. BTC/USD must stay above the $27,000 support to remain in a bullish zone.
In the past few weeks, Bitcoin price saw a decent increase above the $25,000 resistance zone. The BTC/USD pair climbed above the $28,000 and $30,000 resistance levels.
There was also a close above the $30,000 pivot region and the 50-week simple moving average (blue). The bulls pushed the price above the 50% Fibonacci retracement level of the main decline from the $48,192 swing high to the $15,588 swing low (formed in November 2022).
The last two weekly candles suggest a strong bullish scenario. Bitcoin is now testing a crucial resistance at $35,750. It is the 61.8% Fib retracement level of the main decline from the $48,192 swing high to the $15,588 swing low.
More importantly, there is a crucial rising channel forming with resistance at $35,750 on the weekly chart. Therefore, BTC might face a strong selling interest between $35,750 and $35,800.
In the short term, Bitcoin might correct lower from the $35,750 zone.
Immediate support sits at $33,200. The first major uptrend support is near the $31,120 level (a multi-touch zone). The main support for the current bullish wave is near the channel trend line and the 50-week simple moving average (blue) at $27,000.
A weekly close below the channel support and $27,000 might start a nasty decline. In the stated scenario, there could be a drop toward the $22,000 support.
Conversely, Bitcoin could remain stable above the $31,120 support zone, consolidate for some time, and start another increase. Immediate resistance is near $35,750. A successful daily close above the $35,750 resistance could initiate a steady increase.
In the stated case, the price could drift toward the $40,00 level. Any more gains might push the price toward the last swing high at $48,000 in the coming months.
Bitcoin is facing resistance at a key technical zone of $35,750. To continue higher, it must settle above $35,750. If not, there could be a pullback toward $31,120 or even $27,000 in the coming weeks.
Vanar Chain's ecosystem expansion efforts seem to have paid off, but the VANRY price still…
Ethereum Blockchain Heist - Two Brothers Charged NAIROBI (Coinchapter.com) - The Department of Justice has…
Chinese Police Bust Underground USDT Stablecoin Users Chinese police in Sichuan province have busted an…
Andrew Tate Announces Bitcoin Investment Andrew Tate, the former kickboxer and controversial online personality, ignited…
BlockTower Capital Attacked by Hackers NAIROBI (Coinchapter.com) - BlockTower Capital, a prominent crypto investment firm…
The world of online slot games is a fascinating blend of art, technology, and psychology.…