Bitcoin’s price recently attempted to surpass the $34,500 mark but faced resistance, indicating a potential for a significant downside correction if it closes below the 100 hourly SMA.

Bitcoin is currently struggling to break the $35,000 resistance, trading above $34,200 and the 100 hourly Simple Moving Average. On the hourly BTC/USD chart (data feed from Kraken), a crucial rising channel is forming, indicating support around $34,300.

The situation could turn bearish if Bitcoin’s price closes below $34,000, followed by $33,400. Despite a temporary upward move to $34,758, Bitcoin is now experiencing a correction below the $34,500 level. It’s presently trading above $34,200 and the 100 hourly Simple Moving Average, with a rising channel offering support around $34,300 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance stands near $34,500, with further resistance around $34,750 or the upper trend line of the channel. The primary hurdle remains at the $35,000 zone. A clear breakthrough above this could trigger a sustained upward movement.

The subsequent resistance levels might be at $35,500 and beyond, possibly testing $36,200 or even $36,500 in the short term.

However, failing to breach the $34,750 resistance could lead Bitcoin to another downturn. Immediate support lies around $34,200 and the 100 hourly Simple Moving Average. Further significant support is near $34,000 or the 50% Fib retracement level.

A move below $34,000 might signal more downside potential, potentially pushing the price toward $33,400 or even $32,500.

Technical indicators reveal that the MACD is losing bullish momentum, while the RSI for BTC/USD is currently below the 50 level.

Key support levels include $34,200 and $34,000, while resistance levels stand at $34,500, $34,750, and $35,000