{"id":558915,"date":"2023-11-03T03:14:18","date_gmt":"2023-11-03T03:14:18","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=558915"},"modified":"2024-06-11T14:30:43","modified_gmt":"2024-06-11T14:30:43","slug":"bitcoin-price-key-juncture-34k","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-price-key-juncture-34k\/","title":{"rendered":"Bitcoin Price Reaches Key Juncture, Is This Bulls Trap or Technical Correction?"},"content":{"rendered":"<p><em>Bitcoin price failed to continue higher above $36,000. BTC corrected gains and might find strong buying interest near the $34,200 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin corrected gains from the $36,000 resistance zone.<\/li>\n<li>The price is trading near $34,700 and the 100 hourly Simple moving average.<\/li>\n<li>There is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must stay above the $34,000 support to start a fresh increase in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Holds Support<\/h2>\n<p>Bitcoin price attempted <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-resumes-rally-37k\/\" target=\"_blank\" rel=\"noopener \">another rally above the $35,000 resistance<\/a>. BTC cleared the $35,500 level but struggled near the $36,000 level. There was no test of the $36,200 resistance zone and the price started a downside correction.<\/p>\n<p>There was a move below the $35,500 and $35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple moving average. A low is formed near $34,350 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low.<\/p>\n<p>Bitcoin also trades near $34,700 and the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-vulnerable-35k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, immediate resistance is near the $35,750 level. The next key resistance could be near $35,150 or the 50% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. A clear move above the $35,150 resistance might open the doors for a move toward the $36,000 resistance.<\/p>\n<p><a href=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-558916\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?resize=1024%2C468\" alt=\"Bitcoin Price \" width=\"1024\" height=\"468\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?w=1835 1835w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Bitcoin-2.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The next key resistance could be $36,200, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $35,150 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,350 low and the trend line.<\/p>\n<p>The next major support is near the $35,000 zone. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,200 level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $34,300, followed by $34,000.<\/p>\n<p>Major Resistance Levels \u2013 $34,750, $35,150, and $36,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to continue higher above $36,000. BTC corrected gains and might find strong buying interest near the $34,200 support zone. Bitcoin corrected gains from the $36,000 resistance zone. The price is trading near $34,700 and the 100 hourly Simple moving average. There is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $34,000 support to start a fresh increase in the near term. Bitcoin Price Holds Support Bitcoin price attempted another rally above the $35,000 resistance. BTC cleared the $35,500 level but struggled near the $36,000 level. There was no test of the $36,200 resistance zone and the price started a downside correction. There was a move below the $35,500 and $35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple moving average. A low is formed near $34,350 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. Bitcoin also trades near $34,700 and the 100 hourly Simple moving average. Besides, there is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $35,750 level. The next key resistance could be near $35,150 or the 50% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. A clear move above the $35,150 resistance might open the doors for a move toward the $36,000 resistance. Source: BTCUSD on TradingView.com The next key resistance could be $36,200, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level. More Losses In BTC? If Bitcoin fails to rise above the $35,150 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,350 low and the trend line. The next major support is near the $35,000 zone. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,200 level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $34,300, followed by $34,000. Major Resistance Levels \u2013 $34,750, $35,150, and $36,000.<\/p>\n","protected":false},"author":67,"featured_media":459185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-558915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Reaches Key Juncture, Is This Bulls Trap or Technical Correction?<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to continue higher above $36,000. 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