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BTCUSD Maintains Its Push to Rise Above $35,000
Bitcoin remains steadfast in its endeavor to surmount the formidable $35,000 resistance level, exhibiting a determined push toward higher price levels. This bullish resurgence has followed an extended period of consolidation beneath the $28,000 threshold.
BTCUSD Key Levels:
Supply Levels: $35,000, $38,000
Demand Levels: $30,000, $28,000
The breakthrough of the $28,000 mark sparked a notable rally, propelling Bitcoin to the $35,000 range. While this upward trajectory has temporarily paused at the resistance level, the cryptocurrency’s tenacity is evident as it continues to exert pressure below the $35,000 barrier.
Taking a closer look at the daily chart, the Moving Average (MA) Cross, which initiated an upward crossover in mid-October, is now functioning as a supportive element for the price. This moving average not only sustains pressure against the $35,000 resistance but also contributes to the overall bullish sentiment. Additionally, the MACD (Moving Average Convergence Divergence) lines have experienced a substantial uptick, accompanied by bullish histogram bars, signifying robust upward momentum.
Bitcoin Market Expectations
In the shorter timeframe, the MACD indicator has undergone a gentle descent due to the resistance encountered at $35,000, leading to the emergence of bearish histogram bars. Nonetheless, the MA Cross lines on this timeframe align closely with the candlesticks, underscoring BTCUSD’s unwavering determination to breach the $35,000 resistance. This concerted effort on multiple fronts indicates that Bitcoin remains resolute in its quest for a breakthrough beyond the $35,000 threshold.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.
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