Bitcoin Price Consolidates Above $34K: What Could Trigger A Fresh Rally?

Nov 7, 2023 04:00 am Cryptocurrency 128

Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone.

Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.

The price is trading near $34,850 and the 100 hourly Simple moving average.

There is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could gain bullish momentum if there is a clear move above the $35,350 resistance.

Bitcoin Price Stuck In Range

Bitcoin price remained in a range above the $34,000 support zone. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350.

The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked ..

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