On November 4th, Bitcoin was on a quest to surpass the $35,000 mark as weekend trading activities continued to exhibit upward consolidation trends.
Market data from Cointelegraph Markets Pro and TradingView indicated that BTC’s price support remained resilient even after the closure of Wall Street trading.
Despite experiencing intraday lows the previous day, Bitcoin managed to maintain its short-term price floor at $34,000, effectively passing the test.
This performance had traders eagerly anticipating potential upward movements, making Bitcoin a preferred choice among investors.
In a recent video update, the well-known trader Credible Crypto highlighted the likelihood of Bitcoin surpassing the $35,000 threshold as the next logical step.
Credible Crypto employed Elliott Wave analysis and identified three crucial price levels to monitor: $34,314, $34,714, and $35,119, representing the lower limit, midrange point, and upper limit of the expected range.
Credible Crypto emphasized the importance of successfully reclaiming the midrange level, indicating a shift from a recovery based on range lows to one based on midrange levels.
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This approach was bolstered by robust trading volume, which Credible Crypto described as a “significant event,” along with a general reluctance to sell at the current price levels.
As traders contemplated the weekend and the upcoming weekly close, Daan Crypto Trades drew attention to the proximity of the CME Bitcoin futures closing price on November 3rd.
CME futures “gaps” had historically been closed in line with BTC’s spot price, with a notable exception near $20,000. This anomaly contributed to bearish predictions of a potential return to that price level in the months ahead.
Additionally, another trader named Jelle highlighted the significance of the 200-period exponential moving average (EMA) as a critical support line on 1-hour timeframes.
Crypto Tony, on the other hand, shared his strategy with subscribers, indicating that he would consider a hedge short position if Bitcoin dropped below $34,100, while still maintaining his long position as long as Bitcoin held above $33,000.
In summary, Bitcoin was aiming to surpass the $35,000 mark, with traders closely monitoring key price levels and indicators to determine the cryptocurrency’s future trajectory amidst the ongoing market consolidation.
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