Bitcoin (BTC) attempted to push $35,000 on November 4 as weekend markets continued to consolidate higher.
“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.
#Bitcoin It has been above $34,000 for 11 days.
Healthy accumulation zone.—James V. Straten (@jimmyvs24) November 4, 2023
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.”
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
#Bitcon Let’s see how the weekend goes this time.
I have been saying this every week, but remember that during a strong trend, the probability that the price will create a gap and not close it immediately is much higher than during a choppy market. pic.twitter.com/czqKbPXDg1
– Daan Crypto Trades (@DaanCrypto) November 4, 2023
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.
#Bitcoin is retesting the 1h 200 EMA for the first time in 18 days, up 25% from the last rerun.
The MAs have caught up with the price, will the next leg be higher after the weekend? pic.twitter.com/PdwPIzHNk0
– Jelle (@CryptoJelleNL) November 3, 2023
“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.”
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.
