Bitcoin Gains Traction, Why BTC Could Target Fresh High Above $35K

Bitcoin price regained strength for a fresh recovery and it broke $33,500 against the US Dollar. BTC is likely to continue higher above $35,000 in the near term.

Bitcoin started a fresh increase after the bulls defended the key $30,000 support.
The price is now trading nicely above $33,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is showing positive signs and it could soon attempt a clear break above $35,000.

Bitcoin Price Turns Green
Bitcoin declined again, but the bulls were active above the main $30,000 support zone. BTC formed a base above the $30,000 zone to start a fresh increase. BTC broke the $32,500 resistance to move into a positive zone.
There was a clear break above the 50% Fib retracement level of the downward move from the $35,460 swing high to $30,200 zone. It even cleared the $33,500 resistance zone and settled nicely above the 100 hourly simple moving average.
Moreover, there was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair. The pair even climbed above the 76.4% Fib retracement level of the downward move from the $35,460 swing high to $30,200 zone.

Source: BTCUSD on TradingView.com
The current price action is positive and it seems like bitcoin could continue to rise towards the $35,000 resistance. The next key resistance is near $35,500, above which the bulls are likely to aim a rally towards $38,000. The main resistance is still near the $40,000 zone.
Dips Limited in BTC?
If bitcoin fails to clear the $35,000 resistance or the $35,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,000 level.
The next major support is near the $33,500 level. The main support is now forming near the $33,000 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $30,000 zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 55 level.
Major Support Levels – $33,500, followed by $33,000.
Major Resistance Levels – $35,000, $35,500 and $36,500.

bitcoin
Bitcoin (BTC) $ 16,988.35
ethereum
Ethereum (ETH) $ 1,272.49
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 291.82
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.395710
dogecoin
Dogecoin (DOGE) $ 0.102199
cardano
Cardano (ADA) $ 0.325021
matic-network
Polygon (MATIC) $ 0.926256
polkadot
Polkadot (DOT) $ 5.58
staked-ether
Lido Staked Ether (STETH) $ 1,258.66
okb
OKB (OKB) $ 22.10
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 76.84
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054241
solana
Solana (SOL) $ 13.58
uniswap
Uniswap (UNI) $ 6.21
avalanche-2
Avalanche (AVAX) $ 13.57
chainlink
Chainlink (LINK) $ 7.43
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,964.01
leo-token
LEO Token (LEO) $ 3.81
cosmos
Cosmos Hub (ATOM) $ 10.25
ethereum-classic
Ethereum Classic (ETC) $ 19.63
monero
Monero (XMR) $ 146.16
the-open-network
The Open Network (TON) $ 1.80
stellar
Stellar (XLM) $ 0.088122
bitcoin-cash
Bitcoin Cash (BCH) $ 112.08
quant-network
Quant (QNT) $ 131.75
algorand
Algorand (ALGO) $ 0.241577
crypto-com-chain
Cronos (CRO) $ 0.064585
filecoin
Filecoin (FIL) $ 4.54
near
NEAR Protocol (NEAR) $ 1.72
apecoin
ApeCoin (APE) $ 3.96
vechain
VeChain (VET) $ 0.019440
hedera-hashgraph
Hedera (HBAR) $ 0.048438
internet-computer
Internet Computer (ICP) $ 4.22
flow
Flow (FLOW) $ 1.10
terra-luna
Terra Luna Classic (LUNC) $ 0.000179
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.98
eos
EOS (EOS) $ 0.941337
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.34
the-sandbox
The Sandbox (SAND) $ 0.594977
tezos
Tezos (XTZ) $ 1.02
aave
Aave (AAVE) $ 64.17
chiliz
Chiliz (CHZ) $ 0.169686
theta-token
Theta Network (THETA) $ 0.906508
huobi-token
Huobi (HT) $ 6.78