Bitcoin Price Analysis: BTC bulls step back from key hurdle above $34,200
- BTC/USD trims early gains as 21-day SMA, monthly resistance line probe bulls.
- Easing bearish MACD signals, normal RSI can keep the buyers hopeful above 50-day SMA.
BTC/USD drops to $33,670 in its latest pullback move during early Tuesday. Even so, the quote prints 0.44% intraday gains while easing from 21-day SMA and a falling trend line resistance from January 08.
Considering the pair’s sustained trading beyond 50-day SMA and receding bearish bias of MACD, not to forget the absence of overbought RSI conditions, BTC/USD is likely to remain strong.
However, the latest consolidation may eye the 50-day SMA level of $31,240 during further weakness.
In a case where the quote drops below 50-day SMA, the $30,000 threshold and January’s low of $28,768 will be in the spotlight.
Meanwhile, an upside clearance of $34,240-50 resistance confluence, comprising 21-day SMA and aforementioned trend line resistance, will not hesitate to attack the $40,000 psychological magnet while targeting the latest record top, marked in January, around $41,987.
Overall, BTC/USD remains bullish unless breaking 50-day SMA. Though, a fresh run-up should wait for the pair’s upside break of $34,250.
BTC/USD daily chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
