\nBitcoin Price Prediction: the newfound supply pressure at $35000 hints BTC price could witness a minor correction.\t\t\t\t<\/p>\n
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Bitcoin Price Prediction: In the midst of a broader recovery across the cryptocurrency market, the BTC price has been spearheading the rally<\/a> since the third week of October. Although the majority of major cryptocurrencies have generally benefited from this uplift, the Bitcoin price momentum appears to be stalling at the pivotal $35,000 level. This has led to questions about whether the current recovery has reached its limit.<\/span><\/p>\n <\/p>\n Also Read: What Shall BTC Investors Do Ahead of the Bitcoin Options Expiry?<\/a><\/p>\n From a low of $26,833 on October 14th, the Bitcoin price<\/a> has soared to a high of $35,263, marking an impressive 31.4% gain. This upswing aligned with rising trading volumes and bullish market sentiment, indicating a sustainable recovery.\u00a0<\/span><\/p>\n However, the asset has hit a stumbling block at the $35,000 level, where it\u2019s retested the upper trendline of a long-standing channel pattern. This pattern has been driving this bullish rally for over a year, and its trendline has been acting as dynamic resistance and support.<\/span><\/p>\n As of now, the BTC is trading at $33,958, displaying candles with long wicks at this resistance level, suggesting a potential reversal.\u00a0<\/span><\/p>\n<\/blockquote>\n According to Fibonacci retracement levels<\/a>, should a significant correction occur, the price could find support at $33,000 (aligned with the 23.6% Fib level) and then at $31,380 (corresponding to the 38.2% Fib level).<\/span><\/p>\n <\/p>\n As long as the rising channel pattern remains intact, the BTC price recovery is likely to be gradual but may lack depth. To shift the narrative, a decisive break above this resistance trendline is crucial. Such a move would ramp up buying pressure and could propel the Bitcoin price beyond the $40,000 mark<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nChannel Pattern Leads Long-Term Uptrend<\/b><\/h2>\n
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Is BTC Price Recovery Hit $40000?<\/b><\/h2>\n
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