Bitcoin (BTC) price has been holding above the support level of $34,000 and is trading in the uptrend zone.
Bitcoin price long-term forecast: bullish
Bitcoin’s recent upward movement was halted when it reached a high of $35,199 and then dropped back. The cryptocurrency has been trading sideways between $34,000 and $36,000. On November 2, BTC reached a new high of $35,975 before falling back into the range-bound zone.
However, there is optimism that Bitcoin will reclaim the psychological price level of $40,000 in its next move. If buyers can overcome the barrier at $35,975, the cryptocurrency’s value will rise to the next level. Conversely, if the bears break the $34,000 support level, Bitcoin is likely to fall and reach a low of $31,000.
Bitcoin indicator reading
The largest cryptocurrency has been moving horizontally within a range, causing the moving average lines to remain flat. This indicates that Bitcoin will continue to trade within a narrow range. The presence of doji candlesticks suggests that the price of the cryptocurrency is currently stagnating.
Technical indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
Bitcoin has held above the $34,000 support level for the past two weeks. Although there was one attempt by bulls to break above the $36,000 level, the presence of doji candlesticks indicates that consolidation above the current support will continue.
Last week it was reported that Bitcoin has been trading above the $33,400 support level since October 27. On October 24, BTC reached a high of $35,198 before experiencing a decline.
Hot Take: Bitcoin’s Sideways Trading Indicates Consolidation
Bitcoin’s price has been consolidating in a narrow range between $34,000 and $36,000. Despite attempts to break above $36,000, the presence of doji candlesticks suggests that consolidation will continue above the current support level of $34,000. Key resistance levels to watch are $35,000 and $30,000, while key support levels are at $20,000 and $15,000. The next move for BTC/USD remains uncertain as it remains trapped in a range-bound zone.
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