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.
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.
