Categories: Bitcoin Latest News

Bitcoin Price Rejects $36K: Why Dips In BTC Are Still Attractive

Bitcoin price made another attempt to clear the $36,000 resistance. BTC struggled again and is now correcting lower toward the $35,200 support.

Bitcoin again failed to clear the key $36,000 resistance zone.
The price is trading above $35,000 and the 100 hourly Simple moving average.
There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting gains and might find support near $35,200 or $35,000.

Bitcoin Price Faces Uphill Task

Bitcoin price remained stable above the $34,000 support zone. BTC attempted a fresh increase above the $35,250 resistance zone. There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart.

It even cleared the $35,500 resistance, but the bears were active near the $36,000 zone. A high was formed near $35,900 and the price is again moving lower. There was a move below the $35,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.

Bitcoin is now trading above $35,000 and the 100 hourly Simple moving average. It seems to be approaching the $35,200 support or the 50% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.

If it stays above $35,200, there might be a fresh increase. On the upside, immediate resistance is near the $35,560 level. The next key resistance could be near $35,900 or the recent high. The main resistance is still near $36,000. A clear move above the $36,000 resistance might open the doors for a move toward the $37,000 resistance.

Source: BTCUSD on TradingView.com

The next key resistance could be $37,500, above which the price could rise toward $38,000. Any more gains might send BTC toward the $38,800 level.

More Downsides In BTC?

If Bitcoin fails to rise above the $35,560 resistance zone, it could continue to move down. Immediate support on the downside is near the $35,200 low.

The next major support is near the $35,000 zone or the 100 hourly SMA. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could revisit the $34,000 support level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $35,200, followed by $35,000.

Major Resistance Levels – $35,560, $35,900, and $36,000.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin Flash Crash Causes $710 Million In Crypto Long Liquidations

Data shows the cryptocurrency derivatives market has suffered a massive amount of liquidations after the…

2 hours ago

Bitcoin’s Market at a Crossroads: Are Long-Term Holders Signalling a Correction or a Rally?

The role of Bitcoin long-term holders (LTHs) has again come under the microscope of analysts…

3 hours ago

Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash

The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the first…

9 hours ago

The Joule Paradox: Energy sets the value of bitcoin and bitcoin sets the value of energy

Early in our thinking about the interaction between bitcoin and energy it became obvious to…

13 hours ago

Did Hawk Tuah Crypto Debacle Eclipse Bitcoin’s $100K Moment?

One bitcoin is worth $100,000 — a milestone that has <a href="https://www.coindesk.com/business/2024/12/05/bitcoin-at-100-k-industry-reaction" target="_blank">crypto OGs in…

14 hours ago

Crypto Daybook Americas: It’s Glass Half Full Despite Record Short Bitcoin ETF Volume

By Omkar Godbole (All times ET unless indicated otherwise) You know how it feels when…

17 hours ago