- Bitcoin price started a consolidation phase below the $35,000 zone against the US Dollar.
- The price is now trading above $34,000 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $33,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $33,120 support zone.
Bitcoin price is showing positive signs above $33,120 against the US Dollar. BTC might correct lower, but dips could be limited below the $33,000 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $32,000 resistance zone. The price remained stable above the $33,500 level and traded in a positive zone.
There was a clear move above the $34,000 level and the 55 simple moving average (4 hours). A high was formed near $35,157 and the price is now consolidating gains. There were range moves below the $35,000 resistance in the past few days.
The price traded below $34,500 but it is still well above the 23.6% Fib retracement level of the upward move from the $26,520 swing low to the $35,157 high.
The price is now trading above $34,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $34,650 level. The first major resistance is near the $35,000 level, above which the price could start a decent increase toward the $36,500 zone.
Any more gains might send the price toward the $38,000 zone. If there is no upside break, the price might start a downside correction below $34,000. There is also a key bullish trend line forming with support near $33,800 on the 4-hour chart of the BTC/USD pair. The first key support is $33,120.
The next key support is near the $30,850 level or the 50% Fib retracement level of the upward move from the $26,520 swing low to the $35,157 high. Any more losses might call for a move toward the $30,000 support zone.
Looking at the chart, Bitcoin price is trading above $34,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $33,120 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $33,800 and $33,120.
Key Resistance Levels – $34,650, $35,000, and $38,000.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-hold-gains-aims-for-fresh-rally/
- :is
- 000
- 120
- 23
- 50
- 500
- 521
- a
- above
- against
- aims
- also
- analysis
- and
- any
- At
- average
- BE
- below
- Bitcoin
- Bitcoin News
- Bitcoin Price
- Bitcoin Price Analysis
- Break
- BTC
- BTC/USD
- Bullish
- but
- call
- Chart
- clear
- coinbase
- consolidating
- consolidation
- continue
- correct
- could
- data
- Days
- Dollar
- downside
- few
- First
- For
- formed
- fresh
- from
- Gains
- High
- hold
- HOURS
- HTTPS
- if
- immediate
- in
- Increase
- index
- IT
- Key
- Level
- levels
- Limited
- Line
- live
- Live Bitcoin News
- losing
- losses
- Low
- lower
- MACD
- major
- max-width
- might
- Momentum
- more
- move
- moves
- moving
- moving average
- Near
- news
- next
- no
- now
- of
- on
- or
- overall
- pair
- past
- phase
- plato
- Plato Data Intelligence
- PlatoData
- positive
- price
- Price Analysis
- rally
- range
- relative
- relative strength index
- remained
- Resistance
- retracement
- Rise
- rsi
- send
- showing
- Signs
- Simple
- stable
- start
- started
- Still
- strength
- support
- support levels
- Swing
- The
- There.
- to
- toward
- traded
- Trading
- TradingView
- Trend
- Upside
- upward
- us
- US Dollar
- was
- WELL
- were
- which
- with
- zephyrnet