Bitcoin Price Forecast: BTC Stuck Between a rock and a hard place as consolidation above $34,000 continues

Bitcoin Price Forecast: BTC Stuck Between a rock and a hard place as consolidation above $34,000 continues
  • Bitcoin price remains pivotal between $34,000 support and the 100 SMA.
  • Buyers seem to have the upper hand, according to the MACD.
  • Bitcoin has lagged the upswing from the dip under $30,000, mainly due to the immense resistance of around $35,500. The last few days have seen bulls and bears go head-to-head, but the robust support at $34.000 and resistance at 35,500 remained unshaken.

    The flagship cryptocurrency trades at $34,500 at the time of writing amid a push by the bulls to overcome the hurdles for an ultimate uplift to $40,000.

    The buyer congestion at $34,000 is crucial for the continuation of the uptrend. Therefore, defending it is a priority for the bulls.

    Meanwhile, the Moving Average Convergence Divergence (MACD) has a bullish outlook on the four-hour chart. As the trend momentum indicator crosses into the positive region (above the zero line), the trend tends to flip bullish. Moreover, recently the MACD line moved above the signal line, implying that BTC was in the buy zone.

    On the upside, the 100 Simple Moving Average (SMA) barrier must come out of the way for gains heading to $40,000. Other hurdles to be broken include the 200 SMA currently at $36,000 and the seller congestion at $38,000.

    BTC/USD four-hour chart

    On the other hand, the immediate support at $34,000 must remain in place to support the uptrend. However, a leveling Relative Strength Index (RSI) shows that the sideways trading will likely continue in the near term.

    If the support at $34,000 breaks, Bitcoin will likely dive to the recent support range between $32,000 and $30,000. Perhaps trading at this level will help the bellwether cryptocurrency gain the momentum for gains past $40,000.

    Bitcoin intraday levels

    Spot rate: $34,550

    Trend: Sideways

    Volatility: Low

    Resistance: The 100 SMA and $36,000

    Support: $34,000 and $32,000

    Source