Bitcoin Price Holds 100 SMA – A Strengthening Case For Fresh Increase

Oct 27, 2023 04:00 am Cryptocurrency 82

Bitcoin price is still above the $33,200 support zone. BTC could start a fresh increase unless there is a close below the 100 hourly SMA and $33,400.

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

The price is trading above $33,500 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if it clears the trend line and then $34,555.

Bitcoin Price Holds Key Support

Bitcoin price failed to gain strength for a close above the $35,000 resistance zone. BTC started a fresh decline below the $34,500 level. There was a move below the $34,000 zone as well before the bulls appeared.

A low is formed near $33,717 and the price is still well above the 100 hourly Simple moving average. It is slowly moving higher above the $34,000 ..

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