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Home»Bitcoin»Bitcoin Fluctuates at $34,000: Where Will Prices Go?
Bitcoin

Bitcoin Fluctuates at $34,000: Where Will Prices Go?

2023-10-29No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Bitcoin consolidated recent recovery gains above $34,000 at the time of writing.
  • Significant purchase orders were $33,000; Sell ​​orders were placed for $35,000 and $40,000.

Bitcoin [BTC] entered a range formation on October 25 and consolidated gains above $34,000. This margin persisted prior to the Fed’s decision on November 1 and could expose King Coin to mild price volatility.


Read Bitcoins [BTC] Price prediction 2023-24


A recent BTC price prediction projected a move to $36k due to open liquidity of $35.9k. The idea had yet to materialize at the time of writing, as BTC failed to break above $35.2k. With the Fed decision looming, what can traders expect next week?

Important BTC Price Levels to Consider

BTC

Source: BTC/USDT on TradingView

Liquidity on the 12-hour chart was $30.9k – $32.8k (white). Above that was a crucial overhead and a bearish order block formed in May 2022 at $38,000-$40,000 (red). However, the immediate hurdle for bulls was the recent and new high of $35.2k.

Noteworthy: over 99% of interest rate traders surveyed expected a Fed interest rate pause in November. So, BTC could witness a slight rebound. The overhead resistance to watch out for was $35.2k, $37.7k and a roadblock of $38k – $40k.

But negative sentiment due to an unlikely Fed rate hike could expose BTC to a downturn. The liquidity area of ​​$30.9k – $32.8k (white) will be a crucial support in such a bearish scenario.

The RSI (Relative Strength Index) and CMF (Chaikin Money Flow) values ​​were positive. It indicated that BTC witnessed massive buying pressure and capital inflows in recent days.

See also  A look at Bitcoin in light of the just concluded bearish week

Purchase orders for $33,000; Major sales orders of $35k/$40k

BTC

Source: Mobchart (BTC buy and limit orders from Binance Exchange on October 29)

Mobchart data showed a huge buying interest under $34,000. So, BTC could try to defend the psychological level of $34,000 in the coming days. Notably, at the time of writing, more than 300 BTCs have placed a buy order for $33,000 on Binance Exchange.

On the sell side, $35,000 and $40,000 recorded significant sell limit orders. At the $35,000 level, there were 218 BTCs for sale on the Binance Exchange at the time of writing. Interestingly, at the $40,000 level, there were also 387 BTCs for sale.


Is your portfolio green? look at the BTC profit calculator


It meant that BTC’s movement above $35,000 could become challenging if more players lose their holdings at this level.

At the same time, a move below $33,000 could be far-fetched given the huge demand. The level was within liquidity on a chart, reinforcing it as a crucial demand level.

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