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Bitcoin Consolidates Below $35K, What Could Trigger Fresh Rally

Bitcoin price is holding gains above the $33,000 support zone against the US Dollar. BTC could start a fresh increase as long as it is above the $33,000 zone.

Bitcoin corrected lower, but the bulls remained active above the $33,000 zone.
The price is now trading just below the $34,500 support and the 100 hourly simple moving average.
There is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a clear break above $34,500 and $35,000.

Bitcoin Price Eyes Fresh Increase
Bitcoin spiked higher above the $35,000 resistance, but it failed to extend gains. BTC traded as high as $35,130 before it started a fresh downside correction.
There was a break below the $34,500 support level and the 100 hourly simple moving average. It even traded below the $34,000 level, but the bulls were active near the $33,500 level. A low was formed near $33,594 and the price is now consolidating losses.
It climbed above the 23.6% Fib retracement level of the recent drop from the $35,130 swing high to $33,594 low. It seems like there is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If bitcoin price fails to stay above the triangle support and then $33,600, there could be a sharp decline. The next major support is near the $33,250 level. If there is a downside break below the $33,250 and $33,000 support levels, the price could continue to move down. Any more losses may possibly push the price towards the $32,200 support.
Fresh Rally in BTC?
If bitcoin remains stable above the triangle support and the $33,600 zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,500 level and the triangle upper trend line.
The next key resistance is near $35,000, above which the price could attempt a strong increase. If there is a close above the $35,000 resistance zone, the price could rise towards the $36,500 level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.
Major Support Levels – $33,650, followed by $33,000.
Major Resistance Levels – $34,500, $35,400 and $36,500.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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