BTC Stuck Between a rock and a hard place

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COINBASE:BTCUSD   Bitcoin/Dólar Americano
  • 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.

What next if Bitcoin holds support at $34,000

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.

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