Bitcoin Price Analysis: BTC fades bounce off short-term support line below 35,000


  • BTC/USD struggles to keep bounce off two-week-old support line.
  • Bearish MACD probes Bitcoin buyers below 50-bar SMA.
  • 200-bar SMA, upbeat RSI conditions restrict major downside.

BTC/USD fades the latest recoveries while easing to 34,800 during early Tuesday. In doing so, the crypto major battles with bearish MACD below 50-bar SMA.

Although pullback to an ascending trend line from December 29, at 30,320 now, seems imminent, any further weakness will be challenged by strong RSI conditions and a 200-bar SMA level of 27,006.

It should, however, be noted that a sustained downside past-27,000 will make BTC/USD vulnerable to revisit the December 20 top surrounding 24,300.

Meanwhile, an upside clearance of 50-bar SMA, at 36,326 now, will attack the 40,000 psychological magnet while also likely to take a break near Friday’s low of 38,733.

During the quote’s upside past-40,000 the recent record high near 42,000 and the 50,000 threshold will be in focus.

To sum up, BTC/USD is in an uptrend but short-term pullbacks can’t be ruled out.

BTC/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 34977.78
Today Daily Change -475.03
Today Daily Change % -1.34%
Today daily open 35452.81
 
Trends
Daily SMA20 31418.13
Daily SMA50 24390.93
Daily SMA100 19105.26
Daily SMA200 14829.43
 
Levels
Previous Daily High 38269.43
Previous Daily Low 30209.97
Previous Weekly High 41987.21
Previous Weekly Low 27772
Previous Monthly High 29307.4
Previous Monthly Low 17578.63
Daily Fibonacci 38.2% 33288.68
Daily Fibonacci 61.8% 35190.71
Daily Pivot Point S1 31018.71
Daily Pivot Point S2 26584.61
Daily Pivot Point S3 22959.25
Daily Pivot Point R1 39078.17
Daily Pivot Point R2 42703.52
Daily Pivot Point R3 47137.62

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP