Bitcoin

Bitcoin price climbed higher and it settled above the $34,000 level against the US Dollar. BTC is likely to continue higher if it settles above $35,000 in the near term.

Bitcoin started a fresh increase above the $33,500 and $34,000 resistance levels.
The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to rally above $35,000 unless there is a clear break below the trend line support.

Bitcoin Price Remains Supported
Bitcoin remained well bid above the main $30,000 support zone. BTC started a fresh increase above the $32,500 and $33,500 resistance levels. The price even broke the $34,000 pivot level.
It is now trading nicely above $34,000 and the 100 hourly simple moving average. There was also a spike above the $35,000 level. However, the bulls failed to gain strength above $35,000 and the price is now consolidating gains.
It tested the 23.6% Fib retracement level of the upward move from the $30,180 swing low to $35,315 high. Bitcoin is now trading nicely above the $34,500 level. There is also a key bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If the pair fails to stay above the trend line support, it could decline further towards $33,200 and the 100 hourly SMA. The next major support is near the $32,800 level. It is near the 50% Fib retracement level of the upward move from the $30,180 swing low to $35,315 high.
Fresh Rally in BTC?
If bitcoin remains stable above the trend line support, it could rise further above the $35,000 resistance. An immediate resistance on the upside is near the $35,500 level.
The next key resistance is near $36,500, above which the bulls are likely to aim a rally towards $38,000. Any more gain could lift the price towards the key the $40,000 zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.
Major Support Levels – $34,500, followed by $33,200.
Major Resistance Levels – $35,000, $35,500 and $36,500.

Ericka Turcotte

By Ericka Turcotte

I have worked in the financial sector for over 10 years and have a keen interest in cryptocurrency. I have been writing about crypto for the past two years and have become one of the most respected authors in the space. I have a deep understanding of how this new asset class works and am able to provide insights that are both interesting and useful to my readers.

bitcoin
Bitcoin (BTC) $ 16,218.62
ethereum
Ethereum (ETH) $ 1,173.17
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 295.46
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.385177
dogecoin
Dogecoin (DOGE) $ 0.095194
cardano
Cardano (ADA) $ 0.306734
matic-network
Polygon (MATIC) $ 0.822913
polkadot
Polkadot (DOT) $ 5.16
staked-ether
Lido Staked Ether (STETH) $ 1,155.28
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.995635
litecoin
Litecoin (LTC) $ 71.79
okb
OKB (OKB) $ 20.28
tron
TRON (TRX) $ 0.052932
solana
Solana (SOL) $ 13.36
uniswap
Uniswap (UNI) $ 5.28
avalanche-2
Avalanche (AVAX) $ 12.33
leo-token
LEO Token (LEO) $ 3.90
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,111.72
chainlink
Chainlink (LINK) $ 6.73
cosmos
Cosmos Hub (ATOM) $ 9.73
ethereum-classic
Ethereum Classic (ETC) $ 18.98
the-open-network
The Open Network (TON) $ 1.71
monero
Monero (XMR) $ 135.01
stellar
Stellar (XLM) $ 0.086632
bitcoin-cash
Bitcoin Cash (BCH) $ 108.14
algorand
Algorand (ALGO) $ 0.233592
quant-network
Quant (QNT) $ 113.10
crypto-com-chain
Cronos (CRO) $ 0.062491
apecoin
ApeCoin (APE) $ 3.85
filecoin
Filecoin (FIL) $ 4.21
vechain
VeChain (VET) $ 0.018367
near
NEAR Protocol (NEAR) $ 1.53
hedera-hashgraph
Hedera (HBAR) $ 0.048566
frax
Frax (FRAX) $ 1.00
flow
Flow (FLOW) $ 1.11
internet-computer
Internet Computer (ICP) $ 3.87
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 42.50
eos
EOS (EOS) $ 0.900225
terra-luna
Terra Luna Classic (LUNC) $ 0.000158
theta-token
Theta Network (THETA) $ 0.921978
paxos-standard
Pax Dollar (USDP) $ 0.999649
tezos
Tezos (XTZ) $ 0.974417
chain-2
Chain (XCN) $ 0.040421
chiliz
Chiliz (CHZ) $ 0.162336
the-sandbox
The Sandbox (SAND) $ 0.553147
aave
Aave (AAVE) $ 60.11