Bitcoin (BTC) sought to pressure $35,000 on Nov. 4 as weekend markets continued to consolidate higher.
“Significant” event sets up BTC price upside
The largest cryptocurrency saw a revisit of intraday lows the day prior, but $34,000 successfully passed the test as a short-term BTC price floor.
#Bitcoin has been above $34k for 11 days now.
Healthy accumulation zone.
— James V. Straten (@jimmyvs24) November 4, 2023
After nearly hitting $36,000 during the week, Bitcoin was still a favorite for traders eyeing potential upside continuation.
In his latest video update on the day, popular trader Credible Crypto suggested that a trip past $35,000 was the logical next step.
Uploading Elliott Wave analysis to X, Credible Crypto revealed three key levels to watch: $34,314, $34,714 and $35,119, forming the range low, midrange point and high, respectively.
“The key thing here is that we’ve impulsed above the midrange and now we want to see if we can hold that as a reclaim,” he explained.
“In that case, what we’ve essentially done here is reclaimed the midrange for continuation up. Rather than a move off the range lows, we’re making a move off the midrange.”
Credible Crypto added that strong volume — a “significant event” — was helping trajectory, along with a lack of desire to sell at current levels.
Traders note key downside levels
Continuing on how the weekend and weekly close could shape up, Daan Crypto Trades noted the proximity of the CME Bitcoin futures Nov. 3 closing price.
#Bitcon Let’s see how the weekend will do this time around.
Been saying this every week but remember that during a strong trend, the probability of price creating a gap and not closing it immediately, is much higher than during a choppy market. pic.twitter.com/czqKbPXDg1
— Daan Crypto Trades (@DaanCrypto) November 4, 2023
As Cointelegraph reported, CME futures “gaps” have been closed around BTC spot price, with a major exception near $20,000 forming one component of the bearish thesis that calls for a return to those levels in the coming months.
Fellow trader Jelle meanwhile noted the 200-period exponential moving average (EMA) acting as a key support line on 1-hour timeframes.