Bitcoin (BTC) finds itself in a tight consolidation phase, with its price fluctuating between the $34,800 and $35,250 levels.
While the bulls have attempted to breach the resistance at $35,250, the bears have demonstrated resilience around the $35,300 and $35,550 levels, leading to a balancing act in the market.
Recent data reveals that Bitcoin is maintaining stability as it approaches the $35,000 mark. The $34,000 price point has emerged as a temporary support level, suggesting the potential for upward movement in the near future.
Notably, Credible Crypto, a prominent analyst, envisions Bitcoin surpassing the $35,000 threshold and identifies three crucial levels that could shape the crypto’s trajectory.
The market dynamics are marked by increased trading volume and Bitcoin’s ability to hold its position within the midrange, which could indicate a sustained upward trend.
In the past week, Bitcoin made multiple attempts to breach the critical $35,250 resistance level, but each endeavor fell short. The price reached a peak of around $35,286 before embarking on a corrective downward trajectory.
Notably, Bitcoin experienced a surge, climbing from a low of $34,288 to a high of $35,902 on November 2nd.
Over the last 24 hours, Bitcoin’s price has seen a minor uptick of 0.29%, reaching $34,920. During this period, trading volume increased by 4.18% to $13 billion, and the crypto’s market cap experienced a modest 0.29% gain, reaching $682 billion.