Bitcoin Approaches $35,000: Weekend Trends and Key Levels

Bitcoin’s Weekend Surge

As of November 4, Bitcoin (BTC) is seemingly determined to breach the $35,000 mark, and weekend market watches are tracking its every move. After a week of fluctuating between highs and near lows, BTC found its footing, holding strong above $34,000—a level that’s now seen as a healthy accumulation zone.

The $34,000 Floor

It’s been 11 days since Bitcoin hung out above the $34k threshold, marking it as a reliable support level. Traders have welcomed this as a solid spot for accumulation, celebrating their ability to stay optimistic amidst the tumultuous crypto waves. And how is this playing out? A tweet from James V. Straten captured the essence of the moment, saying, “#Bitcoin has been above $34k for 11 days now. Healthy accumulation zone.”

Technical Analysis on the Rise

In a recent update, known trader Credible Crypto brought Elliott Wave analysis into the conversation, identifying three crucial price levels: $34,314, $34,714, and $35,119. With intriguing insight, he commented, “The key thing here is that we’ve impulsed above the midrange and now we want to see if we can hold that as a reclaim.” Sounds oddly like a financial game of capture the flag, doesn’t it?

What Lies Ahead?

As the weekend plays out, traders are keeping a close eye on a few crucial support and resistance levels. The CME Bitcoin futures’ closing prices from November 3 could provide hints about potential market movements ahead. Daan Crypto Trades and others speculate that price gaps during solid trends tend to stick around longer than those in volatile swings. So, fingers crossed for a smooth ride!

Preparing for Possible Downturns

Despite the current buoyancy, market experts remind us to stay cautious. Crypto Tony mentioned that losing the $34,100 mark could indicate time to hedge short against long positions. After all, it’s always good to have an umbrella handy for a potential rain of bearish clouds!

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.