Cryptocurrency

Bitcoin

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   Nov 07, 2023 at 06:10 // Price
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   <div class="avatar" style="background-image:url(/upload/resize_cache/iblock/42a/60_60_1/42aa5ec847dba7f5a2bce5378ae70614.png)"></div> <span>Author<br>Coin Idol </span>
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 </div> <img class="page-news__main-pic lazy-load-detail-picture" src="https://coinidol.comdata:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mNkYAAAAAYAAjCB0C8AAAAASUVORK5CYII=" data-lazy-src="https://coinidol.com/upload/resize_cache/iblock/e82/900_900_1/8zuqlvsmjzy8nshx6sflguxtnluj6xb8.jpg" width="900" height="563" alt="Bitcoin continues its horizontal trend" title="">
 <p><strong>Bitcoin (BTC) price has been holding above the support level of $34,000 and is trading in the uptrend zone. Cryptocurrency price <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> brought by Coinidol.com.</strong></p>
 <h2 style="text-align: justify;" id="bitcoin-price-long-term-forecast-bullish">Bitcoin price long-term forecast: bullish</h2>
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 <p style="text-align: justify;">Bitcoin's current upswing was halted when it climbed to a high of $35,199 and then fell back. The largest cryptocurrency was forced to trade sideways between $34,000 and $36,000. On November 2, BTC reached a new high of $35,975 before falling back into the range bound zone.</p>
 <p style="text-align: justify;">On a positive note, Bitcoin's next move will be to reclaim the psychological price level of $40,000. If buyers overcome the barrier at $35,975, the cryptocurrency value will rise to the next level. On the other hand, Bitcoin is likely to fall if the bears break the $34,000 support level. The cryptocurrency value will fall to a low of $31,000 if it loses its current support.</p>
 <h2 style="text-align: justify;" id="bitcoin-indicator-reading">Bitcoin indicator reading</h2>
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 <p style="text-align: justify;">The largest cryptocurrency has continued its horizontal trend as it is trapped in a range. The horizontal trend has caused the moving average lines to remain flat. This means that Bitcoin will continue to move in a narrow trading range. Doji candlesticks are in place, causing the price of the cryptocurrency to stagnate at the moment.</p>
 <p style="text-align: justify;"><img width="1024" alt="BTCUSD_(Daily Chart) – NOV. 6.23.jpg" src="https://cdn.thebittimes.com/images/2023/11/07/bab3891247c311eca94c1035ad192be3.webp" height="564" title="BTCUSD_(Daily Chart) – NOV. 6.23.jpg"><br></p>
 <h3 style="text-align: justify;" id="technical-indicators">Technical indicators:</h3>
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 <p style="text-align: justify;"><b>Key resistance levels – $30,000 and $35,000 </b></p>
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 <p style="text-align: justify;"><b> Key support levels – $20,000 and $15,000</b></p>
 <h2 style="text-align: justify;" id="what-is-the-next-direction-for-btc-usd">What is the next direction for BTC/USD?</h2>
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 <p style="text-align: justify;">Bitcoin has held above the $34,000 support level for the past two weeks. The bulls have made one attempt to break above the $36,000 level. However, the presence of doji candlesticks suggests that they will continue to consolidate above the current support.</p>
 <p style="text-align: justify;"><img width="1024" alt="BTCUSD_( 4- hour Chart) – NOV. 6.23.jpg" src="https://cdn.thebittimes.com/images/2023/11/07/27167b4578ac051f9acae5e034941d5f.webp" height="564" title="BTCUSD_( 4- hour Chart) – NOV. 6.23.jpg"><br></p>
 <p style="text-align: justify;">Last week Coinidol.com reported that Bitcoin (BTC) has been trading above the $33,400 support level since October 27.</p>
 <p style="text-align: justify;">On October 24, BTC reached a high of $35,198 before being pushed back by a long candle.&nbsp;</p>
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 <p style="text-align: justify;"><i><span style="color: #a0a0a0;"><b>Disclaimer.</b> This <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.</span></i></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-continues-its-horizontal-trend-and-holds-above-34-000-tbt69309.html">https://thebittimes.com/bitcoin-continues-its-horizontal-trend-and-holds-above-34-000-tbt69309.html</a></p>

Bitcoin Continues Its Horizontal Trend And Holds Above $34,000

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