Bitcoin Fluctuates In A Range As It Targets Psychological Price Of $40,000

Nov 03, 2023 at 09:25 // Price
Author
Coin Idol

Bitcoin (BTC) has been fairly stable over the past week as the bulls have taken control of prices.

Bitcoin (BTC) Price Long Term Prediction: Bullish

Bitcoin (BTC) has been trading above the $33,400 support level since October 27.

On October 24, BTC reached a high of $35,198 before being pushed back by a long candle. The largest cryptocurrency retreated and continued its consolidation between the $33,400 and $35,200 levels.

The bulls are currently facing resistance as buyers are trying to break above the $35,000 level. If the current resistance is broken, Bitcoin is expected to reach a high of $40,000. Bitcoin price will fall to the breakout level of $31,845 if it retraces and breaks the support level of $33,400. In the meantime, the cryptocurrency is trading at $35,390 at the time of writing.

Technical Indicators:

Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000

BTCUSD_(Daily Chart) – NOV. 2.jpg

Bitcoin Price Indicator Reading

After Bitcoin's consolidation, the price bars bounce below and above the horizontal moving average lines. This shows that the cryptocurrency is in a sideways trend. The current uptrend is reflected on the daily chart by price bars that are above the moving average lines.

What is the next direction for BTC/USD?

Bitcoin remained steady last week, trading in a range above the $33,400 support. Since Bitcoin is limited to a range, it is difficult to predict in which direction it will move. The price of the cryptocurrency is hovering below the $36,000 resistance level. Doji candlesticks dominate the price bars.

BTCUSD_( 4- hour Chart) – NOV. 2.jpg

Last week Coinidol.com reported that Bitcoin (BTC) price has reached the $35,000 resistance level twice while continuing its sideways movement. 

Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds. 

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