{"id":183465,"date":"2023-10-30T09:00:40","date_gmt":"2023-10-30T03:30:40","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=183465"},"modified":"2023-10-30T09:00:40","modified_gmt":"2023-10-30T03:30:40","slug":"bitcoin-price-consolidates-below-35k-heres-what-could-trigger-bearish-reaction-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-consolidates-below-35k-heres-what-could-trigger-bearish-reaction-crypto-news\/","title":{"rendered":"Bitcoin Price Consolidates Below $35K \u2013 Here\u2019s What Could Trigger Bearish Reaction &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Bitcoin is still struggling to clear the $35,000 resistance.<\/li>\n<li>The price is trading above $34,200 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key rising channel forming with support near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could decline sharply if there is a close below $34,000 and then $33,400.<\/li>\n<\/ul>\n<h2>Bitcoin Price Holds Key Support<\/h2>\n<p>Bitcoin price started another increase above the $34,200 resistance zone. BTC climbed higher toward the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-holds-100-sma-33400\/\">$35,000 resistance zone<\/a>, but there was lack of momentum.<\/p>\n<p>The price traded as high as $34,758 and struggled to continue higher. It is now correcting gains below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high.<\/p>\n<p>Bitcoin is now trading above $34,200 and the 100 hourly Simple moving average. There is also a key rising channel 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 $34,500 level. The next key resistance could be near $34,750 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start another steady increase.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-21.png?resize=1024%2C468\"><\/a><\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-targets-fresh-highs-35k\/\">BTC toward the $36,500 level<\/a> in the near term.<\/p>\n<h2>Downside Correction In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $34,750 resistance zone, it could start another decline. Immediate support on the downside is near the $34,200 level and the 100 hourly Simple moving average.<\/p>\n<p>The next major support is near the $34,000 level or the 50% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 level or even $32,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish 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 $34,200, followed by $34,000.<\/p>\n<p>Major Resistance Levels \u2013 $34,500, $34,750, and $35,000.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA. Bitcoin is still struggling to clear the $35,000 resistance. The price is trading above $34,200 and the 100 hourly Simple moving average. There is a key rising channel forming [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":24598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-183465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=183465"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183465\/revisions"}],"predecessor-version":[{"id":183466,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183465\/revisions\/183466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/24598"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=183465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=183465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=183465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}