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October 31, 2023

Bitcoin Price Faces Resistance at $35,000: Potential Correction Ahead

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

Introduction

The Bitcoin price has been leading the cryptocurrency market recovery since the third week of October. However, it appears to be stalling at the pivotal $35,000 level, raising questions about the sustainability of the current rally.

Bitcoin Price Faces Resistance at $35,000: Potential Correction Ahead

Channel Pattern and Resistance

The Bitcoin price has encountered a long-standing channel pattern, with the $35,000 level acting as a key resistance. The recent candles with long wicks at this level suggest a potential reversal.

Potential Correction Levels

If a significant correction occurs, Fibonacci retracement levels indicate that the price could find support at $33,000 (23.6% Fib level) and $31,380 (38.2% Fib level).

Gradual Recovery

As long as the rising channel pattern remains intact, the BTC price recovery is expected to be gradual but may lack depth. To shift the narrative and propel the price beyond $40,000, a decisive break above the resistance trendline is crucial.

Conclusion

The Bitcoin price is facing resistance at $35,000, suggesting a potential minor correction. Traders should monitor the channel pattern and key support levels for potential buying opportunities.

About the author
Ethan Lim
Ethan Lim
About

Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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