Bitcoin Struggles Near $35,000, Facing Resistance: Will Support Levels Hold?

• Bitcoin is encountering persistent resistance at the $35,000 mark, struggling to surpass it.
• Immediate support levels exist at $34,260 and $34,000; failure to breach $34,650 could trigger a downside correction.

Bitcoin’s price has struggled to overcome the significant hurdle at the $35,000 mark, facing consistent resistance in its recent trading. At present, it continues to hover around the $34,260 level, with the 100 hourly Simple Moving Average indicating a crucial support zone.

The hourly chart of the BTC/USD pair reveals a key bullish trend line forming, providing support near $34,260. Despite attempts to breach resistance, Bitcoin’s price has been capped below the $35,000 zone. The recent high at $34,953 could not be sustained, resulting in a downward correction.

Critical Price Levels Hold Bitcoin’s Fate

BTC made an upward move and successfully traded above $34,500, surpassing the 50% Fibonacci retracement level from the swing high of $34,953 to the low of $34,060. This led to BTC trading above $34,260, supported by the 100 hourly Simple Moving Average and the mentioned trend line.

If BTC breaks above $35,000, it could signal a potential upward movement, targeting resistance at $35,500 and even $36,200. However, failing to surpass the immediate resistance at $34,650 might initiate a downside correction. In such a scenario, the crucial support at $34,000 becomes pivotal. If breached, further downward movements toward $33,500 or $33,200 are plausible.

Technical indicators like the MACD show bearish signals, while the Relative Strength Index (RSI) for BTC/USD is hovering just above the 50 level, indicating a cautious sentiment in the market.