NewsletterBitcoin Price Forecast: What Next For BTC If Bulls Secure This Crucial Support?
- Bitcoin price retests support at $34,000 after rejection at $36,000.
- The transaction history model reveals robust support roughly at $34,000.
Bitcoin price deals with an influx of selling orders on Thursday and toward the end of the Asian session. The recent rejection from slightly above $36,000 saw overhead pressure hover continuously while BTC sort higher support.
When writing, the pioneer cryptocurrency trades at $34,250 while dancing between two critical technical levels; the 50 Simple Moving Average (SMA) support and the 100 SMA resistance in the four-hour timeframe.
Bitcoin Price To Resume The Uptrend On Holding Key Support
The short-term technical outlook is bearish based on the Moving Average Convergence Divergence (MACD) indicator. This technical indicator follows the trend of an asset and calculates its momentum.
Last week, the MACD sent a bullish signal as the 12-day exponential moving average crossed above the 26-day exponential moving average. The bullish outlook was later affirmed by the MACD crossing above the zero line and into the positive region, a situation that saw Bitcoin price lift beyond $36,000.
Meanwhile, a bearish signal has been flashed after the above-moving averages switched positions. Besides, the indicator is heading toward the zero line, which emphasizes the hovering overhead pressure.
BTC/USD four-hour chart
Despite the short-term technical picture being bearish, Bitcoin is anticipating numerous support levels, starting with the 50 SMA, holding at $34,000. The In/Out of the Money Around Price (IOMAP) on-chain metric by IntoTheBlock reveals that the region between $33,247 and $34,256 is a substantial support zone.
Bitcoin IOMAP model
On the upside, the resistance levels continue to weaken, which means that Bitcoin may eventually lift toward $40,000 in the near term. However, the support levels mentioned must be defended at all costs.
Bitcoin intraday levels
Spot rate: $34,250
Trend: Bearish bias
Volatility: Low
Support: $34,000
Resistance: $36,000
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Canary Funds Files for First-Ever MOG ETF
- Hawkish Fed President Bostic To Retire In February Amid Push For More Rate Cuts
- Hyperliquid Halts Deposits and Withdrawals Amid POPCAT Liquidation Saga
- Arthur Hayes Issues Advice To ZEC Holders Amid Push For Crypto Privacy
- Market Structure Bill: Senate Ag Committee Targets Early December Markup
- Sui Price Set for a $5 After Launch of USDsui Native Stablecoin
- Ethereum Price Holds Above $3,400: Can Bulls Defend This Key Support?
- After a 108,000% Burn Spike, Will Shiba Inu Price Hit $0.000016 Next?
- Bitcoin Price Eyes Fresh Rally as U.S Government Reopening Sparks Risk-On Mood
- Pi Network Price Eyes Rally to $0.5 as Top Whale Holdings Nears 375M Tokens
- When Will Solana Price Reach $300: Prediction and Analysis
