October 31, 2023
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.
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.
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).
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.
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.
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