As the weekend unfolds, Bitcoin’s steadfast defenders hold the line at $34,000, setting the stage for a potential price surge beyond the $35,000 mark. Analysts and traders alike are closely monitoring the pulse of the market, predicting a new price ‘impulse’ could be on the horizon.
Bitcoin has maintained its ground, staunchly defending a pivotal support level at $34,000 despite the ebb and flow of weekend trading. The resilience of Bitcoin hints at an underlying market momentum poised to drive prices upward.
Credible Crypto, a seasoned trader, has spotlighted key levels – $34,314, $34,714, and $35,119 – crucial for Bitcoin’s next move. He notes, “We’ve witnessed a surge above the midrange, and now the focus is on maintaining this reclaimed territory for upward continuation.”
#Bitcon Let’s see how the weekend will do this time around.Been saying this every week but remember that during a strong trend, the probability of price creating a gap and not closing it immediately, is much higher than during a choppy market.
— Daan Crypto Trades (@DaanCrypto) November 4, 2023
The market has seen a burst of strong trading volume, indicating a robust conviction among traders. Moreover, the current sentiment shows a lack of interest in selling at these levels, fueling the bullish outlook.
Market watchers also pay close attention to the CME Bitcoin futures and their influence on the spot price. Any gaps left open could hint at future price trajectories. Additionally, technical indicators like the 200-period exponential moving average (EMA) are proving to be a bedrock of support on shorter timeframes.
Trader Crypto Tony reflects a cautiously optimistic stance, ready to pivot if Bitcoin slips below $34,100 while maintaining a bullish position as long as the price stays above $33,000. Hence, the weekend and the forthcoming weekly close are a critical juncture for Bitcoin’s short-term price direction.
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