- Bitcoin has broken its slumber, achieving a significant move towards a $35,000 milestone.
- Traders have been closely watching pivotal price levels and anticipating a potential breach.
- An intriguing anomaly in CME Bitcoin futures prices has raised questions about the direction of Bitcoin.
Bitcoin has finally sprung into action after months of minimal movement. On November 4th, it embarked on a journey to cross the $35,000 milestone, with weekend trading activities indicating an upward consolidation trend.
Bitcoin Holds Strong at $35,000 Despite Intraday Lows
Wall Street trading came to a close, and Bitcoin’s price level is holding strong, despite intraday lows experienced the day before. The cryptocurrency managed to keep its short-term price floor at $34,000, successfully testing this level and is trading at $35,140 at the time of writing.
This remarkable performance has not gone unnoticed, with traders closely monitoring these levels and their potential breach. Investors are eagerly awaiting the outcome as Bitcoin establishes itself as a preferred choice.
Through Elliott Wave analysis, we can discern the three pivotal price levels: $34,314, $34,714, and $35,119, representing the lower limit, midrange point, and upper limit of this critical range. The focus now lies on breaching the upper level, marking a shift from a recovery based on lower price levels to one centered around the higher price levels.
Beware the $20,000 Warning from CME Bitcoin Futures
This strategy is further bolstered by substantial trading volume and a prevailing reluctance to sell at current price levels.
The closing price of CME Bitcoin futures on November 3rd is drawing attention. Historically, CME futures “gaps” tend to close in line with BTC’s spot price, except for a peculiar exception around $20,000. This anomaly has contributed to bearish predictions of a potential return to that price level in the coming months.
On the Flipside
- The cryptocurrency market remains highly volatile, and the $35,000 milestone may not necessarily mark a stable long-term trend.
- It’s worth considering that historical performance is not indicative of future results, and the market can change rapidly.
Why This Matters
Bitcoin’s recent surge past the $35,000 milestone and its potential to breach critical upper levels signify a shift in market dynamics. This could mark a transition from recovery at lower price levels to a stronger foothold in the higher echelons, setting the stage for a new phase in the cryptocurrency realm.
To learn more about the potential impact of a BTC spot ETF approval on Bitcoin’s surge, read here:
Bitcoin Surge ‘Not Guaranteed’ with BTC Spot ETF Approval
To delve into whether Bitcoin’s regular rally will persist or retreat, begin your exploration here:
DailyCoin Bitcoin Regular: Will the Rally Continue or Retreat Begin?