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Bitcoin Reclaims Key Level After Friday’s Price Action

The last few days has seen some price action for the king cryptocurrency. A quick “pump and dump” rally occurred yesterday pushing the price per coin to around $38,000 before quickly plummeting to $32,000.

This revealed that there are many bears looking to fade BTC’s price action. Although, the coin has recovered and not showing signs of falling further, the price action has remained. As Bitcoin show heavy market action, alternative coins are also struggling to gain massive momentum as bears continue to sell.

The direction of the pioneer cryptocurrency in the next few weeks is dependent on if bulls can hold off the bears sell off which resulted in the Bitcoin recent fall. At 17:52 GMT on Saturday, Bitcoin was trading at $34,262, losing 2.13% in the last 24 hours.

This is a huge dip succeeding the nearly $39,000 set at the peak of the Elon Musk candle, a moment following his endorsement of Bitcoin of his Twitter bio. Calling the bio change “inevitable” in a tweet.

A “line in the sand”

A trader on twitter explained that $34,000 is the key level to watch in the short-term. A daily close above or below this level could determine the near-term fate of the pioneer cryptocurrency.

BTC update: After a volatile day yesterday, it makes sense to revisit the BTC chart. Technically speaking, we’re trading back above resistance. BTC is chopping but that’s honestly the best thing it can do after a run like this. $34k is again the line in the sand & has to hold.

The coming days will show whether or not the market will reverse the pump and dump. It is important that Bitcoin reclaims this level and establishes its support. Any firm break below this short-term key level may put the cryptocurrency in a precarious position.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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source https://www.earnforex.com/commodities/bitcoin-reclaims-key-level-after-fridays-price-action/