Bitcoin (BTC) attempted to pressure $35,000 on November 4 as markets continued to consolidate higher over the weekend.
BTC/USD 1-hour chart. Source: TradingView
“Significant” event causes BTC price to rise
Data from Cointelegraph Markets Pro and TradingView showed that BTC price support held after the end of Wall Street trading.
The largest cryptocurrency saw a fresh rise from intraday lows the previous day, but $34,000 successfully passed the test as a short-term BTC price floor.
#Bitcoin has been above $34,000 for 11 days.
Healthy accumulation zone.
— James V. Straten (@jimmyvs24) November 4, 2023
After reaching nearly $36,000 during the week, Bitcoin was still a favorite for traders eyeing a continuation of the uptrend.
In his latest video update of the day, popular trader Credible Crypto suggested that a price above $35,000 was the logical next step.
Credible Crypto has uploaded Elliott wave analysis on
“The key here is that we have risen above the mid-range and now we want to see if we can maintain that as a recovery,” he explained.
“In this case, what we’ve essentially done here is reclaimed the midrange for the continuation upwards. We are not moving away from the lows of the range, but from the middle range.”
BTC/USD chart with range levels. Source: Credible Crypto/X
Credible Crypto added that strong volume – a “significant event” – was favoring the development, along with a lack of desire to sell at current levels.
Traders are noticing key bearish levels
Daan Crypto Trades continued on how the weekend and weekly close could play out, noting the proximity of the November 3 CME Bitcoin futures close.
Related: Bitcoin to the Moon! Top 5 BTC price predictions for 2024 and beyond
#Bitcon Let’s see how the weekend will turn out this time.
I say this every week, but remember that during a strong trend, the likelihood of price creating a gap and not closing it immediately is much higher than during a choppy market. pic.twitter.com/czqKbPXDg1
— Daan Crypto Trades (@DaanCrypto) November 4, 2023
As Cointelegraph reported, CME futures “gaps” have been closed around the BTC spot price, with one major exception near $20,000, which forms part of the bearish thesis that calls for a return to those levels in the demands in the coming months.
Meanwhile, fellow trader Jelle pointed out that the 200-period exponential moving average (EMA) acts as a key support line on the one-hour time frame.
#Bitcoin retests the 1-hour 200 EMA for the first time in 18 days, 25% higher than the last retest.
The MAs have caught up with the price, next rise after the weekend? pic.twitter.com/PdwPIzHNk0
– Jelle (@CryptoJelleNL) November 3, 2023
“If I lose $34,100, I will look for a hedge against my long position,” Crypto Tony told X subscribers in an update to his own market navigation.
“And would be ideal for anyone looking for a new start. However, I will remain long as long as we stay above $33,000.”
Annotated BTC/USD chart. Source: Crypto Tony/X
This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.
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