Bitcoin recently ascended a price resistance of $34,000 on the 24th of July which was the direct result behind the latest flip in resistance. This has helped propel the cryptocurrency market higher.
Bitcoin Battles $34,000
According to data that has been provided by TradingView and Cointelegraph Markets Pro, the value for BTC/USD shows itself as simply touching the resistance level of $34,000 on Bitstamp on Saturday- before it went on to linger at a price which was $200 lower. The last 24 hours seem to be quite profitable for Bitcoin traders as the cryptocurrency did manage to launch itself from a price resistance of $32,000 to an increase of 4% which was still holding itself above a price level of $33,800.
Michael van de Poppe, one of the most famous contributors of Bitcoin, has stated that it is quite necessary for the cryptocurrency to get its strength back- where $32,500 could definitely be the event of a retracement. Interestingly, he went on to Tweet that the cryptocurrency would break through the resistance level set at $32.5 – $32.7K.
If the coin could hold onto that for support- it would verily continue towards a sum of $36K. Interestingly, such behavior is not at all surprising if the wide range of trading is considered. The range for the trading of BTC currently acts at a price of $42,000- which is definitely the point of all-time highs since February.
Cointelegraph has also reported that almost $24,000 worth of projections still remain in the event that Bitcoin would reverse. Almost every trader has already eyed a CME futures gap which could be used as possible support. Decentrader, a trading suite, has already mentioned that traders could be seeing support at many levels, including $22k and $24k which should bring about a market breakdown.