. Bitcoin Hits $36,000: A Market-Wide Surge Unleashed

Bitcoin Hits $36,000: A Market-Wide Surge Unleashed

03 Nov 2023

Bitcoin surges to 18-month high, leads market-wide rally.

Bitcoin reached an 18-month peak of $36,000 on the Binance exchange today before stabilizing around $35,300. This upward movement sparked a broad market rally and led to the liquidation of short positions amounting to $160 million within a single day. As a result, Bitcoin’s market dominance increased to 51%, surpassing most altcoins, with the exception of Solana (SOL), Uniswap’s UNI, ADA, and DOGE.

The Bitcoin price is displaying exhaustion as it hovers in the vicinity of the $34,000 range. The daily timeframe reveals two sell signals, indicating a possible retracement. Additionally, on-chain data reflects a diminishing investor sentiment and the potential for widespread profit-taking. While the recent rally was driven by expectations of ETF approval, the absence of such approval could exert downward pressure on the leading cryptocurrency.

The potential approval of a Bitcoin spot exchange-traded Fund (ETF) has long been a subject of speculation. However, recent developments concerning ETFs have been gaining momentum. The US Securities and Exchange Commission (SEC), responsible for granting or denying ETF product approvals, has faced challenges due to several cryptocurrency-related legal disputes it has lost.


BITCOIN TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

Bitcoin is currently trading within an up channel.

Bitcoin is positioned below the 5&20 Moving Averages (SMA).

The Relative Strength Index (RSI) is in a positive zone, while the Stochastic oscillator suggests a negative trend.

Immediate Resistance level: 34732

Immediate support level: 34098

HOW TO TRADE BITCOIN

Bitcoin’s price took a significant dip but later reversed its course through a support zone, marking a higher high. Presently, Bitcoin has extended its upward movement but is encountering resistance and facing rejection. It is currently trading around the support zone, and if this level is breached, it could lead to further downside potential.

TRADE SUGGESTION- STOP SELL – 33964, TAKE PROFIT AT- 32933, SL AT- 34839.