Bitcoin traders earmark key BTC price levels as $34K struggles to hold
Bitcoin (BTC) has encountered resistance after touching 17-month highs, and the price is currently seeking to retest lower levels. The failure to push beyond these highs has led to a retracement. Key points to consider include: 1. BTC reached 17-month highs but faced resistance, preventing it from moving higher. 2. The retracement suggests that there may be renewed selling pressure in the market. 3. Traders and analysts are closely watching for support levels to gauge the potential direction of Bitcoin's price. 4. The market's sentiment can change rapidly, so it's important for traders and investors to monitor price movements and key support and resistance levels. Bitcoin's price is influenced by a variety of factors, including technical analysis, market sentiment, and external news developments. As with any investment, it's important to have a clear strategy and to manage risk appropriately in the volatile cryptocurrency market.
David Becker 
Bitcoin's price has fallen below $34,000, continuing its consolidation at 17-month highs. This retracement indicates ongoing challenges for Bitcoin as it attempts to break through resistance and move higher. Key points to note include:
1. Bitcoin encountered strong resistance around $35,200, preventing it from pushing higher.
2. Support at $33,000 is considered crucial, and the price's behavior around this level will be closely monitored.
3. Market participants are observing liquidity placement in the order book to gain insights into potential price movements.
4. The current price action is described as "predatory," with the market punishing over-extended long and short positions.
5. Some analysts have suggested that Bitcoin could experience a short squeeze to $36,000 or even $40,000 before a potential pullback.
6. Concerns about filling a CME Group Bitcoin futures gap at $20,000 are also discussed. However, some analysts believe that gaps are often left unfilled during parabolic advances.
Bitcoin's price is subject to rapid fluctuations and can be influenced by various factors, including market sentiment and technical analysis. Traders and investors should stay vigilant and manage risk accordingly.
