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Bitcoin Choppy At Top Near $34,000: Buy BTC Now?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on October 25, 2023 | 2 min
Updated on Oct 25, 2023
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  • Bitcoin grapples with $34,705 resistance, a critical 141.4% Fibonacci extension level.
  • RSI at 78 showcases bullish sentiment but warns of potential overbought conditions.
  • The emergence of ‘Three White Soldiers’ on the 4-hour chart indicates bullish momentum.

On October 25, Bitcoin, the digital gold standard of the cryptocurrency realm, showcases a mix of resilience and promise. Despite a minor setback in its price, Bitcoin’s robust trading volume reinforces its dominant stature in the crypto market. As traders and investors keenly analyze the nuances of BTC’s price movement, this report dives deep into its technical outlook, highlighting pivotal resistance and support levels, critical chart patterns, and essential technical indicators.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

Bitcoin’s current price hovers at $34,122.66 USD, reflecting a modest 0.62% drop over the past 24 hours. However, this decline is juxtaposed against a substantial 24-hour trading volume of $35,677,525,388 USD, emphasizing the ongoing vibrancy in the trading arena. As it stands, the BTC/USD continues to be the crown jewel of the cryptocurrency market, as evidenced by its top position on the CoinMarketCap rankings.

 

Shifting the lens to a 4-hour chart, we discern more intricate details of Bitcoin’s price dynamics. The pivot point, a vital touchstone for traders, is firmly anchored at $32,462. For BTC enthusiasts optimistic about its upward trajectory, an immediate resistance threshold awaits at $34,501. Should the momentum persist, BTC could encounter subsequent resistance levels at $36,507 and an even more ambitious $38,579. Conversely, a bearish tide might find the digital asset seeking solace first at $31,212, followed by supports at $29,172 and $27,956.

 

Dwelling further into technical gauges, the Relative Strength Index (RSI) currently registers at a pronounced 78. An RSI exceeding 70 typically signals overbought market conditions, suggesting a potential market recalibration. Nevertheless, this high RSI also mirrors the prevailing bullish fervor enveloping the coin.

 

Another vital metric, the 50-Day Exponential Moving Average (EMA), is valued at $30,673. With Bitcoin’s price soaring above this mark, it implies a recent dominance of buying pressure, indicating a short-term bullish stance.

 

Bitcoin’s trajectory, at this juncture, leans bullish. However, the $34,700 price point emerges as a pivotal determinant. A decline below this marker might summon sellers, while breaching it could catalyze a continued bullish ascent. Given the present indicators and market sentiment, Bitcoin appears poised to challenge the resistance at $36,507 in the subsequent days.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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