Bitcoin, after dropping below $30,000, started to recover, climbing and moving away from its lowest level in 2021.
Currently, the bitcoin price is facing a resistance between $35,000 and $35,500.
The past few days have seen a confrontation between the bulls and the bears, but the strong support at $34,000 and resistance at 35,500 have remained intact.
The major cryptocurrency is currently trading at $35,200 at the time of writing amid a push by bulls to overcome hurdles for a final rally to the $40K level.
What next after Bitcoin holds the support at $34,000?
The buying congestion at $34,000 is crucial for the upside continuation.
Therefore, defending this level is a priority for the bulls.
Meanwhile, the MACD indicator has a bullish outlook on the four-hour chart shown below.
When the trend momentum indicator crosses into the positive territory (above the zero line in the chart below), the trend tends to the upside.
In addition, the MACD line has recently moved above the signal line, which means that Bitcoin is in the buy zone.
On the upside, the 100 SMA must exit away for gains heading towards $40,000.
Other hurdles to break include the 200 SMA which is currently at $36000 and the sell order congestion at $38000.
On the other hand, the immediate support at $34,000 should remain in place to support the upside.
The RSI is showing that sideways trading is likely to continue in the near term.
If the $34,000 support is broken, Bitcoin will likely dive to the recent support range between $32,000 and $30,000.
Perhaps trading at this level will help the largest cryptocurrency by market capitalization, gaining momentum in excess of $40K.
Intraday bitcoin levels:
- Current price: $35,250
- Direction: transverse
- Volatility: low
- Resistance: 100 SMA and $36000
- Support: $34,000 and $32,000