Bitcoin’s price nears $35K as whales drive momentum

Bitcoin’s price prediction is brimming with optimism, as it currently trades at $34,432, marking a 0.64 percent increase on Wednesday. The cryptocurrency is edging closer to a pivotal threshold of $35,000, and the driving force behind this surge is the significant influence of crypto whales.

As the world commemorates 15 years of Bitcoin, a moment to reflect on Satoshi Nakamoto’s groundbreaking white paper, the crypto community eagerly anticipates the potential impact of spot Bitcoin ETFs in the United States, which are poised to boost demand for this digital asset.

At this critical juncture, the cryptocurrency world’s attention is fixated on Bitcoin’s ability to maintain its momentum above the $35,000 mark, a focal point for both investors and enthusiasts. The outlook for the Bitcoin market is growing more positive, and investor confidence is being fueled by various factors. While Bitcoin recently approached the $34,500 mark, igniting hopes of an impending bull market, several factors are expected to underpin the cryptocurrency’s long-term upward trajectory.

Notably, market sentiment has received a boost from the anticipation that the Securities and Exchange Commission (SEC) may grant approval to spot Bitcoin exchange-traded funds (ETFs). Furthermore, additional upward momentum is anticipated due to the possibility of quantitative easing measures and the upcoming Bitcoin halving event.

It’s worth noting, however, that although there are often brief spikes in Bitcoin’s value before or after halving events, substantial gains may not materialize for up to a year afterward. Historical data illustrates that past Bitcoin halving events led to significant price increases in the months following the halvings.

Analyzing the 4-hour chart, critical price levels have been identified. The pivot point stands at $32,203, with Bitcoin encountering immediate resistance around $37,738. If the bullish momentum persists, subsequent resistance levels at $40,954 and $46,488 could be tested. On the downside, immediate support is located at $29,062, with further safety nets at $23,453 and $20,386.

Technical indicators provide deeper insights into market sentiment. The Relative Strength Index (RSI) is at 78, indicating overbought conditions and suggesting potential pullbacks. The Moving Average Convergence Divergence (MACD) exhibits a bullish trend without specifying exact values. Additionally, the price remains above the 50-Day Exponential Moving Average (EMA) at $29,842, reinforcing a short-term bullish outlook.

The current chart pattern displays a choppy trend with a sideways channel in play, a pattern that typically signifies indecision among traders who await a clear signal for a definitive trend.

The overall trend for BTC/USD is bullish, contingent on the price staying above the $32,200 threshold. If this level holds, we anticipate the asset to challenge immediate resistance levels in the short term. However, traders are advised to remain cautious, as the overbought RSI could indicate a temporary retracement. Vigilance is crucial, with a close watch on the identified support and resistance levels, as they will play a pivotal role in the asset’s short-term trajectory. Bitcoin’s journey to $35,000 is marked with anticipation and careful observation.