Bitcoin Price Forecast: BTC Stuck Between a rock and a hard place as consolidation above $34,000 continues


Bitcoin price remains pivotal between $34,000 support and the 100 SMA.
Buyers seem to have the upper hand, according to the MACD.

Bitcoin has lagged the upswing from the dip under $30,000, mainly due to the immense resistance of around $35,500. The last few days have seen bulls and bears go head-to-head, but the robust support at $34.000 and resistance at 35,500 remained unshaken.
The flagship cryptocurrency trades at $34,500 at the time of writing amid a push by the bulls to overcome the hurdles for an ultimate uplift to $40,000.

The buyer congestion at $34,000 is crucial for the continuation of the uptrend. Therefore, defending it is a priority for the bulls.
Meanwhile, the Moving Average Convergence Divergence (MACD) has a bullish outlook on the four-hour chart. As the trend momentum indicator crosses into the positive region (above the zero line), the trend tends to flip bullish. Moreover, recently the MACD line moved above the signal line, implying that BTC was in the buy zone.
On the upside, the 100 Simple Moving Average (SMA) barrier must come out of the way for gains heading to $40,000. Other hurdles to be broken include the 200 SMA currently at $36,000 and the seller congestion at $38,000.
BTC/USD four-hour chart

BTC/USD price chart by Tradingview
On the other hand, the immediate support at $34,000 must remain in place to support the uptrend. However, a leveling Relative Strength Index (RSI) shows that the sideways trading will likely continue in the near term.
If the support at $34,000 breaks, Bitcoin will likely dive to the recent support range between $32,000 and $30,000. Perhaps trading at this level will help the bellwether cryptocurrency gain the momentum for gains past $40,000.
Bitcoin intraday levels
Spot rate: $34,550
Trend: Sideways
Volatility: Low
Resistance: The 100 SMA and $36,000
Support: $34,000 and $32,000

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige



Source link

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...