Bitcoin Price Prediction, Is a Market Soar in the Cards

Following a bull rise, Bitcoin is trading in a consolidation zone

On the daily price chart, Bitcoin has repeatedly attempted to cross the $35,000 barrier, but each attempt has met with resistance. The most recent day witnessed a decline in Bitcoin values, which corresponded with a reduction in excitement over the likely approval of a Bitcoin exchange-traded fund (ETF). Simultaneously, investors and market players were anticipating the publication of US Core Price Consumption Expenditure (PCE) statistics, a report prepared by the US Bureau of Economic Analysis (BEA), which contributed to the market's overall expectation and anxiety.

Technical Views:-

According to Coingabbar Price Analysis, Bitcoin's price has undergone its third retest of the $35,000 resistance level this week, and although a breakout attempt faltered, the dwindling magnitude of the subsequent dips suggests an advantage for buyers. The crypto market appears to be cooling down after a seven-day rally, with Bitcoin experiencing a 1% decline but remaining in proximity to the $34,000 range. Analyzing the 4-hour chart reveals that BTC is currently within a Triangle pattern, with support at approximately $33,800, and the impending triangle breakout will determine the direction of the new trend.

KEY LEVELS :

RESISTANCE LEVEL : $34,450-$35,000

SUPPORT LEVEL : $33,700-$33,200

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.