Bitcoin Price Analysis: Sideways Movement Continues, Bulls Struggling to Break Resistance
The price of Bitcoin has reached the $35,000 resistance level twice but is currently experiencing sideways movement. Analysts believe that if the bulls are able to prevail, Bitcoin could reach a high of $40,000 per coin. However, there are doubts due to the change in market structure. Currently, Bitcoin is trading within a narrow range between $33,000 and $35,000, and its upward movement has slowed down. If the current levels are broken, the cryptocurrency will resume its uptrend. As of now, BTC/USD is trading at $34,213.
Bitcoin Indicator Reading
The price bars for Bitcoin are above the moving average lines, indicating a strong trend. However, the price bars have been oscillating around the 21-day SMA, signaling a shift from an uptrend to a horizontal trend. Bitcoin has also reached an overbought condition near the $35,000 level.
Technical Indicators
Key resistance levels for Bitcoin include $30,000 and $35,000, while key support levels are at $20,000 and $15,000.
What’s Next for BTC/USD?
Bullish fatigue has set in for Bitcoin as it reached its peak. Long wicks at higher prices indicate strong selling pressure. Currently, Bitcoin is moving sideways, which could potentially lead to either a recovery or a breakdown.
Last week, it was reported that Bitcoin rebounded and reached a high of $35,199 before falling back on October 24. Recently, the bulls managed to break through barriers at $31,000 and $32,400.
Hot Take: Uncertainty Looms Over Bitcoin’s Future Movement
The future movement of Bitcoin remains uncertain as it continues to trade sideways. Bulls are facing resistance at the $35,000 level, and the market structure has changed. While there is a possibility of Bitcoin reaching $40,000 per coin if the bulls prevail, doubts exist due to the current narrow range and slower upward movement. Technical indicators show a strong trend but also signal a shift to a horizontal trend. Traders should closely monitor the support and resistance levels for potential breakout or breakdown scenarios.
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