News

October 31, 2023

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

Priya Sharma
Written byPriya SharmaWriter
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
Priya Sharma
Priya Sharma
About

Mumbai-born Priya is India's rising star in the realm of online casino guides. With a knack for fusing traditional Indian gaming narratives with cutting-edge digital dynamics, she's an essential bridge between classic and contemporary gaming for a vast Indian audience.

Send mail
More posts by Priya Sharma

Latest news

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate
2024-02-16

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate

News