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October 31, 2023

Bitcoin Price Faces Resistance at $35,000: Potential Correction Ahead

Leticia "Letty" Santos
Written byLeticia "Letty" SantosWriter
Researched byNikos PapadopoulosResearcher

Introduction

The Bitcoin price has been leading the cryptocurrency market recovery since the third week of October. However, it appears to be stalling at the pivotal $35,000 level, raising questions about the sustainability of the current rally.

Bitcoin Price Faces Resistance at $35,000: Potential Correction Ahead

Channel Pattern and Resistance

The Bitcoin price has encountered a long-standing channel pattern, with the $35,000 level acting as a key resistance. The recent candles with long wicks at this level suggest a potential reversal.

Potential Correction Levels

If a significant correction occurs, Fibonacci retracement levels indicate that the price could find support at $33,000 (23.6% Fib level) and $31,380 (38.2% Fib level).

Gradual Recovery

As long as the rising channel pattern remains intact, the BTC price recovery is expected to be gradual but may lack depth. To shift the narrative and propel the price beyond $40,000, a decisive break above the resistance trendline is crucial.

Conclusion

The Bitcoin price is facing resistance at $35,000, suggesting a potential minor correction. Traders should monitor the channel pattern and key support levels for potential buying opportunities.

About the author
Leticia "Letty" Santos
Leticia "Letty" Santos
About

Letty Santos, a vibrant spirit from the heart of Manila, seamlessly merges her passion for Filipino culture with the exhilarating world of online casinos. Bringing a unique Filipino touch to every project, she's a gem in the casino localization realm.

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