Bitcoin Price Uptrend Turns Parabolic after Reaching US$34,800

The Bitcoin price against the US Dollar (BTC/USD) has touched an all-time new high at US$34,810, making Bitcoin the first-ever digital asset to reach a level above US$34,000. 

At the time of writing the news, the Bitcoin price is hovering around US$32,790, which is -4.85% in 24-hours. The current level is hovering both above the 9-day and 21-day moving averages. BTC has continued to remain in the bullish zone despite the retracement. The price is likely to move higher towards the psychological levels of US$35,000 and US$36,000. 

The daily chart of BTC/USD shows a bullish trend with the resistance levels at US$36,000, US$36,200, and US$36,400 respectively. Bullish movement above these resistances will encourage further buying spree above the upper boundary of the channel. 

After reaching the new all-time high above the US$34,800 level, the BTC/USD pair has now corrected below the US$33,000 resistance level. This is mainly because many traders booked profit after the new all-time high level was reached. 

If the BTC/USD pair breaks below the 9-day moving average, a deeper decline may start. In that case, the price may slide further below towards the support levels US$27,800, US$27,600, and US$27,400. 

However, the technical indicator RSI (14) shows that if the signal line moves above the 85-level within the overbought zone, the upwards movement of BTC against USD will continue.