As traders predicted a new resistance showdown over the weekend, the Bitcoin price reached $34,000


Bitcoin (Bitcoin) After the latest resistance level flipped and pushed the market higher, it touched $34,000 on July 24.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin battle 34,000 USD

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD just touched $34,000 on Bitstamp on Saturday, and then returned to a low around $200.

The past 24 hours have been profitable for traders as Bitcoin has risen from $32,000 to 4% and stayed above $33,800 at the time of writing.

For Cointelegraph writer Michaël van de Poppe, it is necessary to maintain strength and hold $32,500 in the event of a retracement.

“Bitcoin breaks through the resistance level between 325,000 and 322,700 US dollars. Holding this resistance level = may continue to move towards 36,000 US dollars,” he wrote in a copy Twitter update.

“Overall, the next resistance level of $34,500 may be reached over the weekend.”

Given that BTC/USD currently has a wide trading range, this behavior is not surprising at all-42,000 USD is the historical high since February, and it is still the upper limit and bottom line of the range for the continuation of a clear bull market.

At the same time, trader and analyst Rekt Capital emphasized the continuous changes in the 50-week exponential moving average (EMA), which is a sign of long-term bullishness.

On a more cautious side, as Cointelegraph Report, If Bitcoin reverses, the $24,000 forecast still exists, and a trader sees the nearby CME futures gap as a possible support.

“If it is below the current support level, we will see support levels of $22,000 and $24,000,” added the trading suite Decentrader. Market update on Friday.

Ethereum “confirmed” breakthrough

At the same time, altcoins slowed their pace of gains, but maintained their impressive performance in a week.

related: Just HODL!Bitcoin and Ethereum outperform “low risk” crypto index funds

As many of the top 50 cryptocurrencies by market capitalization reach weekly returns of 10% or higher, market confidence is returning.

Ether (Ethereum), the largest altcoin, the trading price returned to more than $2,000, a 10-day high.

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView

“So far, confirming the breakthrough here is very good,” Rekt Capital Say Regarding the performance of ETH/USD.