Bitcoin Continues Its Horizontal Trend And Holds Above $34,000

Nov 07, 2023 at 08:10 // Price
Coin Idol
Bitcoin continues its horizontal trend

Bitcoin (BTC) price has been holding above the support level of $34,000 and is trading in the uptrend zone. Cryptocurrency price analysis brought by

Bitcoin price long-term forecast: bullish

Bitcoin's current upswing was halted when it climbed to a high of $35,199 and then fell back. The largest cryptocurrency was forced to trade sideways between $34,000 and $36,000. On November 2, BTC reached a new high of $35,975 before falling back into the range bound zone.

On a positive note, Bitcoin's next move will be to reclaim the psychological price level of $40,000. If buyers overcome the barrier at $35,975, the cryptocurrency value will rise to the next level. On the other hand, Bitcoin is likely to fall if the bears break the $34,000 support level. The cryptocurrency value will fall to a low of $31,000 if it loses its current support.

Bitcoin indicator reading

The largest cryptocurrency has continued its horizontal trend as it is trapped in a range. The horizontal trend has caused the moving average lines to remain flat. This means that Bitcoin will continue to move in a narrow trading range. Doji candlesticks are in place, causing the price of the cryptocurrency to stagnate at the moment.

BTCUSD_(Daily Chart) – NOV. 6.23.jpg

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin has held above the $34,000 support level for the past two weeks. The bulls have made one attempt to break above the $36,000 level. However, the presence of doji candlesticks suggests that they will continue to consolidate above the current support.

BTCUSD_( 4- hour Chart) – NOV. 6.23.jpg

Last week reported that Bitcoin (BTC) has been trading above the $33,400 support level since October 27.

On October 24, BTC reached a high of $35,198 before being pushed back by a long candle. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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