Bitcoin Surge Isn’t Over Yet, Why BTC Could Hit $34K Soon

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Bitcoin price remained in a bullish zone, rising above $ 30,000 against the US dollar. BTC corrected lower after hitting a new all-time high, but should continue to climb towards $ 34,000.

  • Bitcoin is up 12% and is trading well above the USD 30,000 resistance zone.
  • The price is showing many positive signs above $ 31,000 and the simple moving average of 100 (4 hours).
  • A major bullish trendline is forming on the 4-hour chart of the BTC / USD pair (data feed from Kraken) with support near USD 30,800.
  • The pair is likely to continue rising towards $ 34,000 and $ 35,000 in the near future.

Bitcoin price sets new ATH

In the past few days, Bitcoin price rose sharply above the USD 25,000 resistance against the US dollar. The BTC / USD pair broke many key barriers near USD 28,000 and USD 30,000 to continue rising.

The bulls pushed the price even above the $ 32,000 level and BTC was trading to a new all-time high near $ 33,300. There has recently been a sharp downward correction below the $ 32,000 level. The price was even below the $ 31,000 level but stayed above the $ 30,000 support.

A low was formed near $ 30,316 and a new spike began. There was a pause above the USD 31,000 resistance zone. The bulls were able to push the price above the 50% fib retracement level of the recent decline from the high of $ 33,298 to the low of $ 30,316.

It is now trading well above the USD 32,000 resistance zone. There was also a break above the 76.4% fib retracement level of the recent decline from the high of $ 33,298 to the low of $ 30,316.

It seems like Bitcoin price could soon break the high of $ 33,298 and trade to a new all-time high. The next major resistance could be near the $ 34,000 level. It is close to the 1,236 Fib extension level of the recent decline from the high of $ 33,298 to the low of $ 30,316.

Dips supported in BTC?

If there is a new downward correction, Bitcoin price could find bids near the USD 32,000 and USD 31,500 levels. A major bullish trendline is also forming on the 4-hour chart of the BTC / USD pair with support near USD 30,800.

The main support is now forming near the $ 30,000 level. A closing price below the $ 30,000 level could require a longer decline towards the $ 28,500 level.

Technical indicators

4 hours MACD – The MACD for BTC / USD is gaining momentum in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 60 level.

Main Support Tier – $ 30,800

Main Resistance Level – $ 40,000