Bitcoin Consolidates Around $34,800 as Bulls Maintain Control
Bitcoin has been consolidating around the $34,000 level over the past day after briefly nearing $36,000 earlier this week. The leading cryptocurrency currently trades at $34,800, up 1.6% over the last 24 hours.
Key Levels to Watch
Analysts are keeping a close eye on several key support and resistance levels that could determine Bitcoin’s next major move. The range low sits around $34,300, the mid-range point is $34,700, and the range high is $35,100. Strong volume and lack of selling pressure are seen as positive signs.
Mid-Range Support and Near-Term Levels
If Bitcoin loses support around $34,100, it could signal a move lower. The 200-period EMA on the 1-hour chart is also an important support level. Losing the $34,100 level is where some traders like Crypto Tony are looking to hedge against long positions.
Crypto Market Momentum
Bitcoin is pushing toward $35,000 again after a minor correction yesterday. Most altcoins are also popping in price. Ethereum is up nearly 3% on the day, trading above $1,600 again. Meanwhile, XRP has rallied 6% to return above $.50.
Bulls in Control
Bitcoin is currently trading around $34,800, up 1.6% in the last 24 hours. More long positions have been liquidated recently, indicating bulls have the upper hand currently. The relatively calm market saw around $72 million worth of liquidated long and short positions over the last 24 hours, with shorts making up 77% of the total.
Hot Take: Bitcoin Bulls Eyeing $35,000 Resistance
The market momentum remains positive at the end of the week, with Bitcoin bulls focused on reclaiming the psychological $35,000 level and building off that to continue the broader uptrend. While some analysts anticipate a potential retest of the key $20,000 support level in the coming months, for now, Bitcoin and other major altcoins are regaining their momentum and pushing towards higher levels.
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