Bitcoin Price Analysis: BTC bulls battle key short-term resistances above $34,000


  • BTC/USD extends Wednesday’s recovery moves amid bullish MACD, strong RSI.
  • 100-bar SMA, descending trend line from January 08 adds to the upside barrier.
  • Multiple supports below $30,000 can test the bears.

BTC/USD rises to $34,167 while flashing a two-day winning streak during early Friday. The crypto major has been on a recovery move after taking a U-turn from $29,239 on Friday and is currently attacking a short-term resistance line and 100-bar SMA, from January 14.

With the upbeat RSI conditions joining the bullish MACD, BTC/USD is up for crossing the nearby hurdle around mid-$33,900. However, a clear break of 100-bar SMA, at $34,300 now, becomes necessary to convince the buyers. Also acting as the key upside barrier is a three-week-long descending trend line, at $35,770 now.

If at all the BTC/USD bulls cross $35,770, the $40,000 and the record top around $42,000, marked during the early January, should gain the market’s attention.

On the downside, Tuesday’s top near $32,900 can offer immediate support ahead of directing the quote down towards the weekly bottom of $29,239. Though, the $30,000 threshold can act as a buffer during the fall.

In a case where the BTC/USD prices keep declining below $29,239, January 22 low near $28,770 and the monthly bottom close to $27,780-75 can test bears.

Overall, BTC/USD is likely to regain its strength if it manages to cross the near-term key resistances.

BTC/USD four-hour chart

Trend: Further upside expected

BTC/USD

Overview
Today last price 33461.73
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 33461.73
 
Trends
Daily SMA20 34899.99
Daily SMA50 29733.74
Daily SMA100 23034.51
Daily SMA200 16968.49
 
Levels
Previous Daily High 33906.51
Previous Daily Low 29914.15
Previous Weekly High 37860.2
Previous Weekly Low 28768.76
Previous Monthly High 29307.4
Previous Monthly Low 17578.63
Daily Fibonacci 38.2% 32381.43
Daily Fibonacci 61.8% 31439.23
Daily Pivot Point S1 30948.42
Daily Pivot Point S2 28435.11
Daily Pivot Point S3 26956.06
Daily Pivot Point R1 34940.78
Daily Pivot Point R2 36419.82
Daily Pivot Point R3 38933.14

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ripple's XRP could rally to $4.75 despite rising profit-taking among investors

Ripple's XRP could rally to $4.75 despite rising profit-taking among investors

Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.

More Ripple News
Caroline Crenshaw's renomination vote postponed, as crypto industry pays keen attention on voting procedures

Caroline Crenshaw's renomination vote postponed, as crypto industry pays keen attention on voting procedures

The Senate vote on Wednesday regarding the reappointment of Securities & Exchange Commission Commissioner Caroline Crenshaw has been postponed due to a clash with procedural rules following a shift in the initial schedule.

More Cryptocurrencies News
Ethereum Price Forecast: ETH eyes new yearly high as whale and institutional holdings increase

Ethereum Price Forecast: ETH eyes new yearly high as whale and institutional holdings increase

Ethereum is up 6% on Wednesday after bouncing off the support level near $3,550. The spot market shows institutional investors and whales maintained a bullish sentiment, potentially scooping up ETH at lower prices during the recent dip.

More Ethereum News
Bitcoin reclaims $100K following release of US CPI data for November

Bitcoin reclaims $100K following release of US CPI data for November

Bitcoin surged above $100K on Wednesday following the release of the US November Consumer Price Index data, which came in line with expectations at 2.7%. Crypto investors quickly reacted to the report as market participants now anticipate that the Federal Reserve will cut rates by 25 basis points next week.

More Cryptocurrencies News
Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP