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.
Keypoints
- Bitcoin’s price is consolidating around $34,800 on November 4 after nearing $36,000 earlier in the week. Key levels to watch are around $34,300, $34,700, and $35,100. Strong volume and lack of selling pressure are seen as positive signs.
- 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.
- Bitcoin is pushing toward $35,000 again after a minor correction yesterday. Most altcoins are also popping in price.
- 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.
Analysts are keeping a close eye on several key support and resistance levels that could determine Bitcoin’s next major move. According to popular trader Credible Crypto, the range low sits around $34,300, the mid-range point is $34,700, and the range high is $35,100.
“The key thing here is that we’ve impulsed above the mid-range and now we want to see if we can hold that as a reclaim,” Credible Crypto explained in a recent video update. “In that case, what we’ve essentially done here is reclaimed the mid-range for continuation up. Rather than a move off the range lows, we’re making a move off the mid-range.”
The strong trading volume and lack of selling pressure at current levels are viewed as positive signs for Bitcoin. The market is hoping to see a retest of $35,000 if the mid-range support around $34,700 can continue holding.
Losing the $34,100 level is where some traders like Crypto Tony are looking to hedge against long positions. The 200-period EMA on the 1-hour chart is also an important near-term support level to watch according to analyst Jelle.
$BTC / $USD – Update
Losing $34,100 is where i will look for a hedge short against my long position. And would be ideal for anyone looking for a new entry
I remain in my long though while we hold above $33,000 pic.twitter.com/y0qjtmFK0P
— Crypto Tony (@CryptoTony__) November 4, 2023
The relatively calm market on Friday saw around $72 million worth of liquidated long and short positions over the last 24 hours. Importantly, 77% of these were shorts, indicating bulls currently have the upper hand.
Bitcoin had pulled back slightly yesterday along with most altcoins following the significant rally earlier this week. However, the cryptocurrency market appears to be regaining its momentum on Friday.
In addition to Bitcoin pushing back toward $35,000 resistance, many major altcoins are also popping in their BTC pairs. Ethereum is up nearly 3% on the day, trading above $1,600 again. Meanwhile, XRP has rallied 6% to return above $.50.
The market momentum remains positive at the end of the week, although some analysts are still anticipating a potential retest of the key $20,000 support level in the coming months. For now, Bitcoin bulls are focused on reclaiming the psychological $35,000 level and building off that to continue the broader uptrend.
