Bitcoin's price has surged by 23% after breaking free from the descending trendline. The rally has regained strength after a brief pause on Wednesday. This week, the leading cryptocurrency achieved a notable milestone, breaching the $35,000 threshold for the first time in 2023. With a robust support level at $33,000, traders are eagerly initiating new positions in hopes of witnessing another breakout above the $35,000 mark.
Technical Views:-
According to Coingabbar Price Analysis, On the 4-hour chart, BTC surged past the $32,000 and $33,200 resistance levels, reaching above $35,000 before encountering resistance around $35,250. Currently, it's consolidating within a triangle pattern with resistance at $34,900. A break above this could lead to overcoming the psychological $35,000 resistance. However, on the hourly chart, a bearish double top pattern has emerged. If bulls fail to breach $35,000, a correction to $33,000 and $30,000 levels may occur.
KEY LEVELS :
RESISTANCE LEVEL : $35,000-$35,500
SUPPORT LEVEL : $34,400-$33,900
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.
