Bitcoin (BTC) is currently consolidating in the range between $34,800 and $35,250.
If BTC breaks the $35,250 key resistance, it could pave the way for the $36,150 price target.
Bitcoin (BTC) has found itself caught in a stiff consolidation phase, with price levels swinging between $34,800 and $35,250. Despite several attempts by the bulls to break through the resistance at $35,250, the bears have proved strong around the $35,300 and $35,550 levels.
This week, Bitcoin made multiple efforts to breach the critical $35,250 resistance, but all endeavors fell short. The price reached a high of approximately $35,286 before embarking on a corrective downward trajectory.
Notably, a significant spike occurred in Bitcoin’s value, surging from the low of $34,288 to a high of $35,902 on November 2nd. However, the past 24 hours have seen a minor uptick of 0.29% in Bitcoin’s price, bringing it to $34,920. During this period, trading volume rose by 4.18% to $13 billion, and the cryptocurrency’s market cap experienced a modest 0.29% increase, reaching $682 billion.
BTC Hits Halt at $34,900 What Next?
According to the daily price chart, BTC is currently hovering around $34,920, closely tracked by the 100-hourly simple moving average. Meanwhile, an important development is the emergence of a substantial contracting triangle with support at approximately $34,680, as observed on the hourly BTC/USD chart.
Bitcoin (BTC) Price Chart (Source: TradingView)
On the bullish front, immediate resistance persists around the $35,250 level, with the next crucial barrier situated at $35,400, or the upper trend line of the triangle. A strong breakthrough above the $35,800 resistance level may pave the way for a potential ascent toward the $36,150 resistance level.
Conversely, if Bitcoin falters in overcoming the $35,250 resistance zone, a continuation of the downtrend could be on the cards. Initial support on the downside materializes near the $34,800 mark, with the next significant support at the $34,650 range, coinciding with the lower trend line of the triangle. In the event of a breach below $34,650, the cryptocurrency faces the risk of further declines, potentially dipping below the critical $34,200 support level in the near future.