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Bitcoin price hits $34K, as a trader predicts a fresh weekend resistance showdown

Michael van de Poppe believes Bitcoin will likely be able to handle $34,500 today and tomorrow. This opens up the possibility of Bitcoin reaching $36,000.

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Bitcoin price hits $34K, as a trader predicts a fresh weekend resistance showdown

Bitcoin (BTC) touched $34,000 on July 24 after the latest resistance flip held to propel the market higher.

Bitcoin battles $34,000

Cointelegraph Markets Pro and TradingView data showed that BTC/USD only hit the $34,000 mark on Bitstamp Saturday, before returning to around $200 lower.

Trades made money in the past 24 hours as Bitcoin launched at $32,000 and delivered 4% gains. At the time of writing, it was holding above $33,800.

Michael van de Poppe (Cointelegraph contributor) said that it was essential for strength to continue, and for $32,500 to keep in case of a retracement.

"Bitcoin broke through that resistance at $32.5-32.7K. Holding that for support = likely continuation towards $36K," he forecast in a Twitter update.

"Overall, it is possible that the next resistance of $34.5K will be reached during the weekend."

Given the large trading range BTC/USD is currently operating in, such behavior would not surprise -- $42,000 remains the ceiling and line in sand for a bull market continuation.

Analyst and fellow trader Rekt Capital also highlighted the ongoing changes in the 50-week exponential moving mean (EMA) as a sign that longer-term bullishness is returning.

On the more cautious side, as Cointelegraph reported, $24,000 projections remain should Bitcoin reverse, with one trader eyeing a CME futures gap nearby as possible support.

"We see support at the $22k and 24k level should there be a breakdown below the current support level," trading suite Decentrader added in a fresh market update on Friday.

Ethereum "confirming" breakout

Altcoins, however, slowed down their gains but still maintained impressive performance throughout the week.

Confidence was returning to the market as many of the top 50 cryptocurrencies by market capital saw weekly returns of at least 10%.

Ether (ETH), the largest altcoin, traded back above $2,000, hitting ten-day highs.

"So far, so good towards confirming a breakout here," Rekt Capital said about ETH/USD performance.

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lxbfYeaa 2 ay ago

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