Bitcoin (BTCUSD) Approaches $35,000 Resistance Level

BTCUSD Attempts to Surmount $35,000, Presses Hard Against It

Bitcoin (BTCUSD) is pressing against the critical $35,000 resistance level as it strives to overcome this formidable barrier. The current bullish surge is reminiscent of the last time we witnessed such high activity, which was back in June, after which Bitcoin experienced a sharp decline, falling below the significant $30,000 level. Since then, the cryptocurrency market has demonstrated remarkable resilience.

BTCUSD Key Levels

Supply Levels: $35,000, $38,000
Demand Levels: $30,000, $28,000

This resilience has seen Bitcoin surge well past the previous $30,000 threshold and reach $35,000. Although the price has encountered resistance at this crucial $35,000 level, it’s noteworthy that the buyers continue to display unwavering determination as they persistently challenge this resistance.

Analyzing the daily chart, we observe the 30-period Moving Average (MA) providing strong support for the price increase, clearly aligning itself with the candlestick movements. The Relative Strength Index (RSI) has surged significantly into the overbought zone, reflecting the intense buying momentum that has propelled Bitcoin’s price upward.

However, it’s worth noting that the RSI has now started to move laterally, suggesting that market momentum may be tempered as it grapples with the formidable $35,000 resistance.

Market Expectations

Zooming into the 4-hour timeframe, we can discern a gradual upward trajectory in Bitcoin’s movement, following a rising trendline. Here, the 30-period Moving Average closely mirrors the candlestick movements, reinforcing its role as a key support level. Notably, as the market encounters resistance at the $35,000 mark, the RSI has retraced from the overbought territory, dipping below the overbought border and settling around the 50 mark. Market dynamics are undergoing a shift, with the bulls still maintaining control and attempting to surmount the $35,000 resistance.

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