Bitcoin Price Consolidates Below $35K – Here’s What Could Trigger Bearish Reaction

Oct 30, 2023 04:00 am Cryptocurrency 89

Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA.

Bitcoin is still struggling to clear the $35,000 resistance.

The price is trading above $34,200 and the 100 hourly Simple moving average.

There is a key rising channel forming with support near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could decline sharply if there is a close below $34,000 and then $33,400.

Bitcoin Price Holds Key Support

Bitcoin price started another increase above the $34,200 resistance zone. BTC climbed higher toward the $35,000 resistance zone, but there was lack of momentum.

The price traded as high as $34,758 and struggled to continue higher. It is now correcting gains below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high.
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