The price of bitcoin climbed higher against the US dollar, eventually settling above $34,000. If BTC settles above $35,000 in the near term, it is likely to continue higher.
Above the $33,500 and $34,000 resistance levels, Bitcoin began a new uptrend.
The price has risen above $34,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a crucial bullish trend line is forming with support about $34,500. (data feed from Kraken).
Unless there is a convincing break below the trend line support, the pair is expected to rise above $35,000.
The Bitcoin Price Remains Stable
Bitcoin’s price remained well above the $30,000 support level. Above the $32,500 and $33,500 resistance levels, BTC began a new uptrend. The price even broke through the pivot mark of $34,000.
It’s currently trading well above $34,000 and the 100 hourly simple moving average. A rise occurred above the $35,000 mark as well. The bulls, on the other hand, were unable to gain traction beyond $35,000, and the price is presently consolidating gains.
The upward rise from the $30,180 swing low to the $35,315 high was tested at the 23.6 percent Fib retracement level. Bitcoin is currently selling nicely above $34,500. On the hourly chart of the BTC/USD pair, a crucial bullish trend line is forming with support about $34,500.
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. The upward rise from the $30,180 swing low to the $35,315 high is nearing the 50% Fib retracement level.
