Bitcoin price is facing a major hurdle near $35,250. BTC could rally toward $37,000 once it clears the $35,250 and $35,500 resistance levels.
- Bitcoin is aiming for a fresh move above the $36,000 resistance zone.
- The price is trading near $34,850 and the 100 hourly Simple moving average.
- There is a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $34,150 support to start a fresh increase in the near term.
Bitcoin Price Eyes More Gains
Bitcoin price remained well-bid above the $34,000 support zone. BTC climbed higher above the $34,500 and $34,650 resistance levels to start another increase.
There was a move above the 50% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. However, the bears were active above the $35,200 level. The price seems to be facing a major hurdle near the $35,250 level.Bitcoin is struggling to clear the 61.8% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. It is now trading near $34,850 and the 100 hourly Simple moving average.
There is also a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $35,050 level. The next key resistance could be near $35,250 or the triangle upper trend line.