Bitcoin Pauses After Testing $35,000 Barrier Twice

Oct 31, 2023 at 07:25 // Price
Coin Idol
Bitcoin is currently moving sideways

Cryptocurrency analysts of report, Bitcoin (BTC) price has reached the $35,000 resistance level twice while continuing its sideways movement.

Bitcoin price long-term forecast: bullish

The largest cryptocurrency asset has reached the overbought zone and is struggling to break the recent high. If the bulls prevail, Bitcoin could reach a high of $40,000 per coin. However, this is doubtful due to the change in market structure. Bitcoin is trading in a narrow range below the high of $35,000. Bitcoin price is fluctuating between $33,000 and $35,000, and the upward movement has slowed down. If the current levels are broken, the cryptocurrency will resume its uptrend. At the time of writing, BTC/USD is trading at $34,213.

Bitcoin indicator reading

The price bars for Bitcoin are well above the moving average lines. This shows that the largest cryptocurrency market is trending strongly. However, the price bars oscillate below and above the 21-day SMA. This signals a change from the previous uptrend to a horizontal trend. Bitcoin has reached an overbought condition near the $35,000 level.

BTCUSD_(Daily Chart) – OCT. 30.23.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?

As the market peaked, bullish fatigue set in for Bitcoin. Candlestick wicks have lengthened since October 24 as a result of the rejection of the recent high. Long wicks at higher prices indicate strong selling pressure. Bitcoin is currently moving sideways. The sideways trend could lead to a recovery or a breakdown.

BTCUSD_( 4- hour Chart) – OCT. 30.23.jpg

Last week reported that the largest cryptocurrency then rebounded and reached a high of $35,199 before falling back on October 24. Recently, the bulls broke through the barriers at $31,000 and $32,400. 

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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