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Bitcoin Pulls Back Towards $35,000

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·2 min read
In this article:
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Bitcoin Continues To Struggle With The Key $35,000 Level

Bitcoin has recently made another attempt to settle above the resistance at $35,000 but faced additional resistance near $36,000 and pulled back.

This is a negative development for the whole crypto market as the world’s leading cryptocurrency has once again failed to develop upside momentum above the important $35,000 level.

Not surprisingly, other cryptocurrencies are also moving lower. Ethereum is currently trying to settle below $2,150. Dogecoin is testing the support level at $0.25, while XRP has pulled back towards $0.68.

At this point, it looks that Bitcoin will need additional upside catalysts to settle above $35,000 and move closer to the next important resistance level at $40,000. While the crypto market has calmed down after the sell-off that was triggered by the crackdown on mining in China, it needs more buyers to gain additional upside momentum.

Technical Analysis

Bitcoin faced resistance near $36,000 and declined towards the key $35,000 level. In case Bitcoin manages to settle back below this level, it will head towards the support which is located at $32,000. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

A successful test of the support at $32,000 will open the way to the test of the next support at $30,000. If Bitcoin declines below the support at $30,000, it will head towards June lows near $28,800.

On the upside, Bitcoin needs to settle above the resistance at $35,000 to continue its rebound. The next resistance has emerged near $36,000. In case Bitcoin manages to get above this level, it will move towards the resistance at $38,000.

A successful test of the resistance at $38,000 will push Bitcoin towards the next resistance which is located at the 50 EMA at $38,900. If Bitcoin manages to get above the 50 EMA, it will move towards the key resistance level at $40,000.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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