Bitcoin Consolidates Higher as $35,000 Becomes Key Level
Bitcoin (BTC) is putting pressure on the $35,000 level as weekend markets continue to consolidate higher. The cryptocurrency recently revisited intraday lows but successfully held above $34,000, establishing it as a short-term price floor. Traders are now eyeing potential upside continuation.
Credible Crypto Predicts BTC Price Surge
In a video update, popular trader Credible Crypto suggests that Bitcoin could surpass $35,000 in its next move. According to his Elliott Wave analysis, key levels to watch are $34,314, $34,714, and $35,119. He explains that reclaiming the midrange would indicate a continuation of the upward trend.
Credible Crypto also notes the significance of strong volume and a lack of selling pressure at current levels.
Key Downside Levels Identified by Traders
Traders are also paying attention to key downside levels. Daan Crypto Trades points out the possibility of a gap in the market due to the proximity of the CME Bitcoin futures closing price on November 3.
Another trader, Jelle, highlights the 200-period exponential moving average (EMA) as a crucial support line on 1-hour timeframes.
Hedge Short Position at $34,100
Crypto Tony suggests looking for a hedge short position if Bitcoin loses $34,100. However, he remains bullish as long as BTC holds above $33,000.
Hot Take: Bitcoin Nears Key Resistance Level
Bitcoin is consolidating higher and approaching the important resistance level of $35,000. Traders are optimistic about the potential for an upward price surge as BTC holds above $34,000 and exhibits strong volume. Key downside levels to watch include the CME Bitcoin futures closing price and the 200-period EMA. Despite the possibility of a hedge short position, many traders remain confident in the bullish trend as long as Bitcoin stays above $33,000.
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