Bitcoin (BTC) attempted to put pressure on $35,000 on November 4 as markets continued to consolidate higher over the weekend.
‘Major’ events drive Bitcoin price higher
Data comes from Cointelegraph Markets Pro and trading view BTC price found support after trading ended on Wall Street.
The largest cryptocurrency hit intraday lows again the previous day, but $34,000 successfully passed a test of the short-term BTC price floor.
#bitcoin It has now been above $34,000 for 11 consecutive days.
Health accumulation area.— James V. Stratten (@jimmyvs24) November 4, 2023
After approaching $36,000 this week, Bitcoin remains a favorite among traders eyeing a potential upward trend.
in his latest Video updates During the day, popular trader Credible Crypto said that a break above $35,000 is a reasonable next step.
Credible Crypto uploaded Elliott Wave analysis to X, revealing three key levels to watch: $34,314, $34,714, and $35,119, forming the range low, midpoint, and high respectively.
“The key here is we’ve hit above mid-range and now we want to see if we can recycle that,” he explained.
“In this case, what we’re basically doing here is retracing the midrange to continue up. We’re not moving out of the range low, we’re moving out of the middle range.”
Credible Crypto added that strong trading volumes (“major events”) are helping the trajectory along with a lack of willingness to sell at current levels.
Traders note key downside levels
Daan Crypto Trades continues to discuss how the weekend and weekly closing prices may change, pointing to the close of the CME Bitcoin futures November 3 closing price.
Related: Bitcoin goes to the moon! Top 5 BTC Price Predictions for 2024 and Beyond
#bitcoin Let’s see how the weekend goes this time.
We say this every week, but keep in mind that during a strong trend the likelihood of price forming a gap but not closing immediately is much higher than during a choppy market. pic.twitter.com/czqKbPXDg1
— Daan Crypto Trades (@DaanCrypto) November 4, 2023
According to Cointelegraph, the CME futures “gap” has narrowed around BTC spot prices, but a significant exception near $20,000 forms part of a bearish argument that calls for a return to these levels in the coming months.
Meanwhile, fellow trader Jelle points to the 200-period exponential moving average (EMA) as a key support line on the 1-hour timeframe.
#bitcoin First retest in 18 days of the 1 hour 200 EMA, 25% higher than the last retest.
The moving average has caught up with the price, will it move higher after the weekend? pic.twitter.com/PdwPIzHNk0
— Jelle (@CryptoJelleNL) November 3, 2023
“Losing $34,100 is where I look for shorts to hedge long positions,” Crypto Tony Tell X subscriber updated his own Market Navigation.
“This is ideal for anyone looking for a new entry point and I remain long despite holding prices above $33,000.”
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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