Bitcoin Price Reaches Key Juncture, Is This Bulls Trap or Technical Correction?

Nov 3, 2023 04:00 am Cryptocurrency 100

Bitcoin price failed to continue higher above $36,000. BTC corrected gains and might find strong buying interest near the $34,200 support zone.

Bitcoin corrected gains from the $36,000 resistance zone.

The price is trading near $34,700 and the 100 hourly Simple moving average.

There is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair must stay above the $34,000 support to start a fresh increase in the near term.

Bitcoin Price Holds Support

Bitcoin price attempted another rally above the $35,000 resistance. BTC cleared the $35,500 level but struggled near the $36,000 level. There was no test of the $36,200 resistance zone and the price started a downside correction.

There was a move below the $35,500 and $35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple moving average. A low is formed near $34,350 and the price is now ..

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