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Bitcoin Price Prediction as $35,000 Resistance is Surpassed – When is the Next Leg Up?

Nov 7, 2023

Bitcoin (BTC)

has continued its upward trend, bouncing back above the $35,000 mark early on Monday following a brief dip linked to legal issues involving FTX founder Sam Bankman-Fried. The overall market sentiment, gauged by the Fear & Greed Index, currently stands at 73, indicating a state of “greed.”

Another contributing factor could be the United States reporting the addition of 150,000 jobs in October, which fell short of the anticipated 180,000 and marked a decline from the 297,000 jobs added in September. Furthermore, the unemployment rate increased to 3.9 percent, surpassing the expected 3.8 percent.

Positive Sentiment and Bitcoin Surge: Signs of Optimism in the Crypto Market

The global cryptocurrency market sentiment has improved, with the Crypto Fear and Greed Index rising four points to reach a score of 74 out of 100. This increase suggests that investors are more optimistic about the market. While some speculate that the recent price surge is short-lived, market experts see signs of sustained interest driving the ongoing uptrend.

Hence, the positive market sentiment and increased investor confidence, indicated by the rising Fear and Greed Index, alongside sustained interest, potentially bolstered Bitcoin’s price above $35,000.

Record-High BTC Wallets Holding $1,000

It’s worth noting that the number of blockchain addresses holding at least $1,000 worth of bitcoin (BTC) has reached a record high, now standing at 8 million, calculated at the current BTC price of $35,115.

This substantial growth is considered a noteworthy development, and experts anticipate further expansion as Bitcoin sees increased adoption.

The increase in the number of BTC-holding addresses signifies a significant boost in potential purchasing power. As the value of Bitcoin continues to rise, it presents a positive long-term indicator for the cryptocurrency.

The recent price surge of Bitcoin, which has seen a nearly 25% increase in a month, can be attributed to speculation surrounding the potential approval of Bitcoin exchange-traded funds by the US Securities and Exchange Commission. This anticipation has also spurred heightened activity among large investors in the Bitcoin market.

Therefore, the report of a record-breaking number of addresses holding $1,000 worth of BTC may bolster demand and confidence, potentially providing further support for the upward trajectory of BTC’s price.

Hong Kong’s Potential Shift in Crypto Regulation

Furthermore, Julia Leung, CEO of Hong Kong’s Securities and Futures Commission, suggested considering allowing spot crypto exchange-traded funds (ETFs) for retail investors. These ETFs track the asset’s price without requiring direct ownership.

The move indicates a potential reversal from previous restrictions on retail investor access to such investments, aligning with Hong Kong’s trend of pro-crypto regulations this year.

Bitcoin Price Prediction

In the current trading landscape, Bitcoin hovers around $34,918, manifesting minor oscillations over the last day. At the heart of the price structure is the pivot point, established at $34,662, providing a baseline for the current session’s price movement.

Bitcoin faces an immediate resistance level at $35,352, which, if breached, may pave the way towards more ambitious targets set at $36,834 and eventually $37,722.

Conversely, support levels are presently reinforcing the market at approximately $34,112, with further cushions potentially at $33,425 and $32,432, should the need arise.

Turning to the technical indicators, the Relative Strength Index (RSI) is poised at 50.01, signaling a market in equilibrium, with no clear overbought or oversold conditions.

While the details of the Moving Average Convergence Divergence (MACD) remain unspecified, its relationship with the signal line would offer insights into bullish or bearish trends. The 50-Day Exponential Moving Average (EMA), positioned at $34,622 and currently beneath the price, hints at a short-term bullish inclination.

Bitcoin Chart
Bitcoin Chart – Source: Tradingview

The observed chart pattern is an upward channel, suggestive of a bullish trend. However, the market awaits confirmation through a consistent price trajectory within or above this channel.

In summary, the market sentiment for Bitcoin could be characterized as neutrally bullish. The short-term projection indicates a potential challenge to the immediate resistance of $35,352, contingent upon the support levels maintaining their ground and an uptick in bullish market indicators.

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The post Bitcoin Price Prediction as $35,000 Resistance is Surpassed – When is the Next Leg Up? appeared first on Cryptonews.


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[Source: CryptoNews]

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