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Bitcoin Eyes $35,000 Amidst Market Volatility

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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 November 01, 2023 | 2 min
Updated on Nov 01, 2023
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  • Bitcoin’s current price hovers around $34,437.94, with key resistance and support levels at $37,738 and $29,062 respectively.
  • Technical indicators reveal a blend of bullish and bearish signals, with an RSI near overbought conditions but a bullish MACD.
  • The market exhibits a cautiously optimistic outlook, with a bullish trend above $32,200, yet investors should remain wary of potential volatility.

The ever-dynamic world of cryptocurrencies has once again placed investors on the edge of their seats. Bitcoin, the pioneering and most significant player in the space, is charting a course that warrants attention. As of November 1st, the cryptocurrency is trading at a pivotal $34,437.94, a modest 0.54% uptick within the last 24 hours.

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

Bitcoin Price Prediction: Technical Outlook

Despite the relative calm, the trading volume of over $15 billion signifies a restless undercurrent in the market. Bitcoin retains its throne with a market capitalization of approximately $672.5 billion, underlining its dominant position. The circulating supply of Bitcoin is just shy of 19.53 million coins, inching closer to its hard cap of 21 million, a factor that historically contributes to its valuation dynamics.

 

Technical analysis offers a granular view of Bitcoin’s trajectory. The 4-hour chart reveals a tussle between the bulls and bears, reflected in the key price levels. The immediate resistance is perched at $37,738, a breach of which could pave the way to $40,954 and potentially $46,488. However, support levels loom at $29,062 and $23,453, with a critical line in the sand at $20,386, which could signify a bearish shift if breached.

 

The Relative Strength Index (RSI) is hovering at 78, flirting with overbought territory. This could signal a potential pullback or at least a consolidation in the near term. Conversely, the MACD indicator is showcasing a bullish trend, with the MACD line surpassing the signal line, a classic harbinger of upward momentum.

 

Another beacon in the analysis is the 50-Day Exponential Moving Average (EMA), currently at $29,842. Bitcoin’s price comfortably above this level indicates a short-term bullish sentiment. However, the market’s fickleness is apparent in the observed choppy trend and sideways channel, suggesting a tug-of-war between opposing market forces.

 

As the technical indicators paint a mixed picture, it’s clear that Bitcoin is at a crossroads. The overarching sentiment is cautiously optimistic, with the price buoyant above $32,200. However, the market’s inherent volatility necessitates vigilance. Investors should brace for potential fluctuations, with a bullish outlook contingent on the cryptocurrency’s ability to sustain its current support levels.

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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