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Monday, March 4, 2024

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Bitcoin Eyes Recovery, Here’s Why BTC Could Struggle Near $35K

Bitcoin price extended its decline and tested the $31,500 zone against the US Dollar. BTC is now recovering losses, but it is likely to face sellers near $34,000 and $35,000.

Bitcoin remained in a bearish zone and it even broke the $32,000 support zone.
The price is now trading well below $35,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to correct higher, but the bears could prevent gains above $35,000 in the near term.

Bitcoin Price Could Recover Losses
Bitcoin struggled to stay above the $33,000 zone and it extended its decline. BTC broke the $32,500 and $32,000 support levels to move further into a bearish zone.
The price even spiked below the $31,500 level and settled well below the 100 hourly simple moving average. It traded as low as $31,310 and it recently started an upside correction. Bitcoin is now back above the $32,000 and $32,500 resistance levels.
There was also a break above the 23.6% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low. An initial resistance on the upside is near the $33,800 level (the recent breakdown zone).
The 50% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low is also near $33,800. The main resistance is now forming near the $35,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
Therefore, bitcoin bulls are likely to face a major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside sits at $36,200.
More Losses in BTC?
If bitcoin fails to clear the $33,800 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $32,000 level.
The next major support is near the $31,500 level. A downside break below $31,500 could open the doors for more losses. In the stated case, the price might even test $30,000.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to clear the 50 level.
Major Support Levels – $32,000, followed by $31,500.
Major Resistance Levels – $33,800, $34,000 and $35,000.

Kieran Dickens
Kieran Dickenshttp://btcsonic.xyz
I have been a crypto author for over 2 years now and have written for numerous publications. I have a vast amount of experience in the industry and continue to stay up-to-date on all the latest news and developments. My writing is highly accurate and informative, and I always aim to provide value to my readers.

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