Bitcoin (BTCUSD) Price Dips Below $35,000

BTCUSD Is Traversing the $35,000 Resistance Level

BTCUSD is traversing just below the $35,000 resistance level, marking a significant juncture in its recent price trajectory. In just over two weeks, we’ve witnessed an astounding surge in the BTC market. This rally kick-started by a breakthrough from beneath the $28,000 resistance, which ultimately unleashed the bullish momentum that had been accumulating beneath the surface.

BTCUSD Key Levels

Supply Levels: $35,000, $38,000

Demand Levels: $30,000, $28,000 

Subsequently, the Bitcoin market not only breached the pivotal $30,000 level but also ventured to test the formidable $35,000 resistance level. Presently, the price maintains its position just below this threshold as bullish investors momentarily catch their breath. Many investors are optimistic about the price’s potential to surpass this level following a brief retracement period.

Daily candlestick patterns have exhibited a significant uptrend, emphasizing the intensity of current bullish activity. After trading sideways within a range, the Momentum indicator has experienced a sharp ascent, underscoring the growing bullish sentiment.

Market Expectations

Turning to the 4-hour chart, the 25-period Moving Average (MA) has drawn closer to the candlestick patterns, poised to act as a potential support during any retracement. However, the Momentum indicator on this shorter timeframe signals a drop in momentum. This temporary decline is within expectations but is unlikely to endure for an extended period, given the persistent enthusiasm among bulls to propel the price beyond the $35,000 threshold.

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