October 31, 2023
Bitcoin price has encountered strong resistance around the $35,000 mark, leading to concerns about a potential correction in the altcoin market. Despite the recent uptrend, the price has hit a wall near $35,000, meeting the upper resistance trendline of a channel pattern that has been forming for over a year. Retests of this trendline have historically resulted in significant corrections.
Sellers have attempted to drive prices lower, but the asset has not dipped below the $33,420 level. With overhead supply at $34,000 and a demand zone at $33,420, the BTC price could experience some uncertainty in the coming days. A break below $33,421 could trigger a larger correction, potentially pushing the price down to $32,000 or even $30,786.
While the short-term outlook for Bitcoin appears to be sideways to bearish, the prevailing bullish momentum has not yet exhausted. If the asset regains its bullish traction during this pullback, it could attempt to break above the pattern's upper trendline near $36,000. Such a breakout would indicate a more aggressive bullish cycle, potentially propelling Bitcoin to levels around $48,000.
In summary, the Bitcoin price is currently experiencing a tug-of-war between the $35,000 and $33,400 levels, reflecting a sideways movement in the near future. There is uncertainty regarding whether the recent uptrend will continue or if a correction is imminent. Traders should closely monitor the price action and key support and resistance levels to make informed decisions.
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