Lokesh Gupta
31-10-2023
As the new week kicks off, BTC continues to display stability after maintaining its position above the crucial $34,000 support level over the weekend. The upcoming week holds great significance as market participants eagerly await the Federal Open Market Committee (FOMC) meeting, where discussions about the future of interest rates in the United States will take place.
According to Coingabbar Price Analysis, Bitcoin's price demonstrated resilience above the $33,800 threshold, consolidating before making another attempt to surpass the $34,500 resistance area. It briefly surged toward the critical barrier of $35,000; however, a sustained upward movement failed to materialize. The price reached a peak around $34,876 and subsequently retraced.
On the daily chart, Bitcoin is currently trading within a Bullish Pennant Pattern following an extended bullish trend. Moreover, a Golden crossover has materialized on the daily charts, suggesting that bulls may regain control after a period of consolidation. If the bulls successfully breach the $35,000 level, the price could potentially test the $39,000 zone.
KEY LEVELS :
RESISTANCE LEVEL : $34,800-$35,200
SUPPORT LEVEL : $34,100-$33,800
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.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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