Bitcoin Price Analysis

Bitcoin price analysis; Breaking the $ 34,000 support could lead to further falls


The price of Bitcoin has previously managed to rise slowly above the resistance of $ 35,000. After reaching this resistance, we saw the crossing of $ 36,000 and the simple moving average of 100 hours.

to the the report Bitcoin, after reaching $ 36,000, failed to stabilize and fell below $ 35,500 and $ 35,000, respectively. The fall in the price of Bitcoin pushed the digital currency below Fibonacci 23.6%. The Fibonacci had jumped from $ 30,187 to $ 36,698 in the recent jump. In this jump, $ 36,698 was recorded as the peak.

In the one-hour chart, we saw a fall below the uptrend line with support at $ 35,759. Currently, each bitcoin unit fluctuates in the range of $ 34,000 and close to the simple 100-hour moving average.

The first support for Bitcoin came in at around $ 34,000. If the $ 34,000 is broken, it can be said that the sellers have gained more power in the market. Bitcoin’s main support is at $ 33,450. This level is close to 50% Fibonacci, which has formed from a jump from 30,187 to $ 36,698.

Bitcoin price chart
Bitcoin price chart

The passage of the Bitcoin price from this support may lead to a further fall. The main price support is still at $ 30,000.

If the price of Bitcoin stays above $ 34,000, there is a possibility of a new uptrend in the short term. In the event of a price jump, the first resistance will be $ 35,200.

The next key support is around $ 35,500. After crossing this area, the next target for buyers will be $ 36,500. Breaking this resistance could also increase the likelihood of reaching the $ 38,000 resistance. $ 40,000 will serve as the next key support for the Bitcoin price.

The MACD is slowly entering a bearish range. The Relative Strength Index (RSI) is also below the 50 range. As mentioned earlier, 34,000 and 33,400 act as significant bitcoin backers. $ 35,200, $ 35,500 and $ 35,600 are the resistance levels facing Bitcoin, respectively.

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