Home CryptocurrencyAltcoin Bitcoin Bulls Defend $34,000 as Trader Predicts Next BTC Price ‘Boost’

Bitcoin Bulls Defend $34,000 as Trader Predicts Next BTC Price ‘Boost’

by SuperiorInvest

Bitcoin (BTC) attempted to push $35,000 on November 4 as weekend markets continued to consolidate higher.

BTC/USD 1-hour chart. Source: TradingView

“Significant” event drives up BTC price

Data from Cointelegraph Markets Pro and TradingView showed that BTC price support held after the end of trading on Wall Street.

The largest cryptocurrency saw a review of the previous day’s intraday lows, but $34,000 successfully passed the test as the short-term BTC price floor.

After nearly reaching $36,000 during the week, Bitcoin remained a favorite of traders eyeing a possible bullish continuation.

in his last video update That day, popular trader Credible Crypto suggested that a trip above $35,000 was the next logical step.

By loading the Elliott Wave analysis on

“The key here is that we have pushed above the mid-range and now we want to see if we can maintain that as a recovery,” he explained.

“In that case, what we have essentially done here is recover the midrange to continue upwards. Instead of moving away from the lows, we are breaking out of the midrange.”

BTC/USD chart with range levels. Source: Credible Crypto/X

Credible Crypto added that strong volume, a “significant event,” was helping the trajectory, along with a lack of desire to sell at current levels.

Traders Note Key Downside Levels

Continuing with the development of the weekend and the weekly close, Daan Crypto Trades noted the proximity of the closing price of CME Bitcoin futures on November 3.

Related: Bitcoin to the moon! Top 5 BTC Price Predictions for 2024 and Beyond

As Cointelegraph reported, CME futures “gaps” have closed around the BTC spot price, with one major exception near $20,000 forming a component of the bearish thesis calling for a return to those levels in the coming months. .

Meanwhile, fellow trader Jelle noted that the 200-period exponential moving average (EMA) acts as a key support line on 1-hour time frames.

“Losing $34,100 is where I will look to short cover my long position,” Crypto Tony said X subscribers in an update on their own navigation in the market.

“And it would be ideal for anyone looking for a new entry. Although I remain long as long as we stay above $33,000.”

Annotated BTC/USD chart. Source: Crypto Tony/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

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