Bitcoin price is facing a major hurdle near $35,250. BTC could rise towards $37,000 once it clears the $35,250 and $35,500 resistance levels.

• Bitcoin is aiming for a fresh move above the $36,000 resistance area.
• The price is trading near $34,850 and the 100 hourly simple moving average.
• There is a major contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair must remain above the $34,150 support level to start a new increase in the near term.

Bitcoin price is looking for further gains

Bitcoin price remained in a good bid above the $34,000 support area. BTC rose above the $34,500 and $34,650 resistance levels to start another surge.

There was a move above the 50% Fib retracement level of the downward move from the swing high at $35,945 to the swing low at $34,133. However, the bears were active above the $35,200 level. The price appears to be facing a major hurdle near the $35,250 level.

Bitcoin is struggling to clear the 61.8% Fibonacci retracement level of the downward move from the high of $35,945 to the low of $34,133. It is now trading near $34,850 and the 100 hourly simple moving average.

There is also a major 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 major resistance could be near $35,250 or the upper trend line of the triangle.

Source: BTCUSD on TradingView.com

A clear move above the $35,250 resistance level could open the doors for a move towards the $35,500 resistance level. The next major resistance could be $36,000, above which the price could rise towards $37,000. Any further gains could send BTC towards the $37,500 level.

Continued downside in BTC?

If Bitcoin fails to rise above the $35,250 resistance area, it may continue to move lower. Immediate support on the downside is near the $34,500 low.

The next major support is near the $34,150 area. If there is a move below $34,150, there is a risk of further downside. In the mentioned case, the price may fall 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.

Key Support Levels – $34,500, followed by $34,150.

Major resistance levels – $35,050, $35,250, and $35,500.