Bitcoin

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Bitcoin price is facing a major hurdle near $35,250. BTC could rally toward $37,000 once it clears the $35,250 and $35,500 resistance levels. 
<ul> 
 <li>Bitcoin is aiming for a fresh move above the $36,000 resistance zone.</li> 
 <li>The price is trading near $34,850 and the 100 hourly Simple moving average.</li> 
 <li>There is a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair must stay above the $34,150 support to start a fresh increase in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-eyes-more-gains">Bitcoin Price Eyes More Gains</h2> 
Bitcoin price remained well-bid above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-key-juncture-34k/" target="_blank" rel="noopener ">$34,000 support zone</a>. BTC climbed higher above the $34,500 and $34,650 resistance levels to start another increase. 
There was a move above the 50% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. However, the bears were active above the $35,200 level. The price seems to be facing a major hurdle near the $35,250 level. 
Bitcoin is struggling to clear the 61.8% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. It is now trading near $34,850 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-resumes-rally-37k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
There is also a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $35,050 level. The next key resistance could be near $35,250 or the triangle upper trend line. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-559257" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468" alt="Bitcoin Price " width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-5.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
A clear move above the $35,250 resistance might open the doors for a move toward the $35,500 resistance. The next key resistance could be $36,000, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level. 
<h2 id="downside-continuation-in-btc">Downside Continuation In BTC?</h2> 
If Bitcoin fails to rise above the $35,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,500 low. 
The next major support is near the $34,150 zone. If there is a move below $34,150, there is a risk of more downsides. In the stated case, the price could even decline below the $34,000 support level in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $34,500, followed by $34,150. 
Major Resistance Levels – $35,050, $35,250, and $35,500.

Bitcoin Price Faces Big Challenge – Can Bulls Send BTC To $37K?

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