Supporters of Bitcoin are standing firm to protect the $34,000 price point, while a trader anticipates the forthcoming significant price movement for BTC.
According to analysis, Bitcoin appears to be gearing up for another surge beyond $35,000 as its price stabilizes heading into the weekend.
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On November 4, Bitcoin (BTC) attempted to breach the $35,000 mark as weekend markets continued their upward consolidation.
BTC/USD 1-hour chart. Source: TradingView
Data from Markets Pro and TradingView revealed that BTC's price support remained strong after the conclusion of Wall Street trading.
Despite revisiting intraday lows from the previous day, Bitcoin managed to establish $34,000 as a solid short-term price floor. This was a significant accomplishment following its earlier surge near $36,000 during the week, making it a preferred choice for traders eyeing potential upward movements.
In a recent video update, popular trader Credible Crypto suggested that surpassing $35,000 was the logical next move. He shared Elliott Wave analysis, highlighting three crucial levels to monitor: $34,314, $34,714, and $35,119, representing the range's lower boundary, midrange point, and upper boundary, respectively. Credible Crypto emphasized the importance of holding above the midrange level, as it would indicate a reclaiming of this level for further upward momentum.
BTC/USD chart with range levels. Source: Credible Crypto/X
Credible Crypto also pointed out that strong volume, which he described as a "significant event," was supporting the price trajectory. Additionally, there appeared to be a lack of interest in selling at current levels, which was seen as a positive sign.
Traders were also paying attention to key downside levels. Daan Crypto Trades noted the proximity of the closing price of CME Bitcoin futures on November 3, emphasizing the historical tendency of CME futures "gaps" being filled around the BTC spot price. This phenomenon is part of a bearish thesis that suggests a return to lower price levels, particularly the $20,000 mark, in the coming months.
Another trader named Jelle highlighted the 200-period exponential moving average (EMA) as a critical support line on 1-hour timeframes.
Meanwhile, Crypto Tony suggested that if BTC dropped below $34,100, he would consider hedging his long position with a short position. This level was also seen as an attractive entry point for new positions, while Crypto Tony remained in his long position as long as the price held above $33,000.
BTC/USD annotated chart. Source: Crypto Tony/X
