June 22, 2021

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

2 min read

Bitcoin price stayed in a bullish zone and climbed above $30,000 versus the United States Dollar. BTC fixed lower after reaching a new all-time high, but it is most likely to continue higher towards $34,000.

  • Bitcoin is up 12% and it is trading well above the $30,000 resistance zone.
  • The cost is showing a great deal of positive signs above $31,000 and the 100 basic moving typical (4-hours).
  • There is a significant bullish pattern line forming with assistance near $30,800 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
  • The set 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 couple of days, there was a strong increase in bitcoin cost above the $25,000 resistance versus the US Dollar. The BTC/USD pair broke lots of major barriers near $28,000 and $30,000 to continue greater.

The bulls even pushed the price above the $32,000 level and BTC traded to a brand-new all-time high near $33,300. Just recently, there was a sharp drawback correction below the $32,000 level. The cost even increased below the $31,000 level, but it remained above the $30,000 support.

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 rate above the 50% Fib retracement level of the recent decline from the $33,298 high to $30,316 low.

Bitcoin Price

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

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

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 likewise a significant bullish trend line forming with support near $30,800 on the 4-hours chart of the BTC/USD pair.

The primary assistance is now forming near the $30,000 level. A close below the $30,000 level may call for an extended decrease towards the $28,500 level.

Technical indicators

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

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

Significant Support Level –– $30,800

Major Resistance Level –– $40,000