Bitcoin Price Prediction: The BTC price hit a major roadblock in its ongoing recovery, facing strong resistance around the $35,000 mark. This stall has ignited concerns about a potential correction across the broader altcoin market, raising questions about whether the recent ‘Uptober’ rally has come to an end.
Also Read: US Fed’s FOMC Meet: How Would BTC Price React To Powell Speech
Is BTC Price Heading Back to $32000?
- The rising overhead supply could push the BTC price to the $32000 mark
- Amid the potential pullback, the buyers can witness dynamic support from daily EMAs(20, 50, 100, and 200)
- The intraday trading volume in Bitcoin is $9.5 Billion, indicating a 34% gain.
Source-Tradingview
Starting from the third week of October, the Bitcoin price displayed robust bullish momentum, soaring from a low of $26,773 to a current trading price of around $34,000—a 28% growth.
However, this uptrend hit a wall near the $35,000 mark, meeting the upper resistance trendline of a channel pattern that has been in formation for over a year. Historically, retests of this upper trendline have often led to significant corrections.
During the week, sellers attempted to drive prices lower, but the asset did not dip below the $33,420 level, as indicated by the low wick rejection on October 27. Therefore, with overhead supply at $34,000 and a demand zone at $33,420, the BTC price could see some uncertainty in the coming days.
A break below $33,421 could catalyze a larger correction, potentially pushing the asset down to $32,000 or even $30,786.
1 BTC to USD = $34389.244 0.7% (24h) Buy / Sell
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Will the Recovery Rally Continue?
While the short-term outlook for Bitcoin seems to oscillate between sideways to bearish, the prevailing bullish momentum has not yet run its course. If the asset manages to regain its bullish traction during this pullback, it could attempt to break above the pattern’s upper trendline near the $36,000 mark. Such a breakout would indicate a more aggressive bullish cycle, possibly propelling Bitcoin to levels around $48,000.
- Bollinger Band: The Bollinger Bands show a sharp uptick in the upper boundary, implying that buying interest remains high.
- Relative Strength Index: The RSI slope at 80%(overbought region) reflects a minor pullback would be healthy for this asset to replenish the existing bullish momentum.