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    Home News Bitcoin News

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

    Andy K by Andy K
    January 4, 2021
    in Bitcoin News
    Reading Time: 3min read
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    Bitcoin Surge Isn’t Over Yet, Why BTC Could Hit $34K Soon
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    Bitcoin price remained in a bullish zone and climbed above $30,000 against the US Dollar. BTC corrected lower after reaching a new all-time high, but it is likely to continue higher towards $34,000.

    • Bitcoin is up 12% and it is trading well above the $30,000 resistance zone.
    • The price is showing a lot of positive signs above $31,000 and the 100 simple moving average (4-hours).
    • There is a major bullish trend line forming with support near $30,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
    • The pair is likely to continue higher towards the $34,000 and $35,000 levels in the near term.

    Bitcoin Price Sets New ATH

    In the past few days, there was a strong increase in bitcoin price above the $25,000 resistance against the US Dollar. The BTC/USD pair broke many major barriers near $28,000 and $30,000 to continue higher.

    The bulls even pushed the price above the $32,000 level and BTC traded to a new all-time high near $33,300. Recently, there was a sharp downside correction below the $32,000 level. The price even spiked below the $31,000 level, but it stayed above the $30,000 support.


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    A low is formed near $30,316 and it started a fresh increase. There was a break above the $31,000 resistance zone. The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $33,298 high to $30,316 low.

    Bitcoin PriceBitcoin Price

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

    It seems like bitcoin price may soon clear the $33,298 high and trade to a new all-time high. The next key resistance could be near the $34,000 level. It is close to the 1.236 Fib extension level of the recent decline from the $33,298 high to $30,316 low.

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    Dips Supported in BTC?

    If there is a fresh downside correction, bitcoin price might find bids near the $32,000 and $31,500 levels. There is also a major bullish trend line forming with support near $30,800 on the 4-hours chart of the BTC/USD pair.

    The main support is now forming near the $30,000 level. A close below the $30,000 level might call for an extended decline towards the $28,500 level.

    Technical indicators

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

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

    Major Support Level – $30,800

    Major Resistance Level – $40,000

    Tags: bitcoinbtcusdBTCUSDTxbtusd

    Read More From Original Source

    Tags: bitcoinBTCUSDbtcusdtxbtusd
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    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Andy's nickname in the office is 'Crypto Head' due to a small 'bitcoin' tattoo behind his left ear (now that's dedication to the industry)

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