Bitcoin’s price remained stuck under $36,000 for almost a week following a massive surge in the previous month. However, it may continue to face serious hurdles if that price level holds firmly.
Since the primary coin reached the high of $35,984 last week, it has been finding it difficult to advance higher for a while as it took a brief break in buying in the past two weeks – Bitcoin’s volatility has dropped!
Meanwhile, this came after exploding by roughly 40% in October. It opened a bit weak today, but now looking strong as it climbed back above $35,000 a few hours ago.
A continuous push (particularly above the $36,000 level) could send the price into a higher trading range. From the look of things, Bitcoin is likely to claim more highs before it can provide a discount in the form of correction.
This correction, which is mostly anticipated by many buyers may come suddenly unaware on a single daily candle before bouncing back.
Despite the recent volatility shrink, the price remains strong on the weekly chart. This suggests that there’s still hope for upward movement on the current daily chart. Currently, there’s not enough buying volume to sustain pressure.
Should the price fail to climb higher, BTC may start to lose ground on the lower time frame before breaking down on the higher time frame. If that happens, the $35,000 would be the first hourly support to watch.
Bitcoin’s Key Levels To Watch
While Bitcoin gears for more increase, the $35,984 level remains an import resistance for break up. The $37,000 and $38,000 levels are the next resistance to watch for a test.
Aside from $34,000, the $33,393 level has acted as a solid support for the past two weeks. If Bitcoin plummet and these levels fail to contain pressure, $32,602 and $31,816 are the next levels to watch as support.
Key Resistance Levels: $35,984, $37,000, $38,000
Key Support Levels: $33,393, $32,602, $31,816
- Spot Price: $35,534
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.