Bitcoin Price Hits $ 34,000 As Trader Predicts New Weekend Resistance Showdown

Bitcoin (BTC) hit $ 34,000 on July 24 after the last resistance reversal took place to propel the market higher.

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

Bitcoin beats $ 34,000

Data Cointelegraph Markets Pro and TradingView showed that BTC / USD had just hit $ 34,000 on Bitstamp on Saturday before coming back to linger around $ 200 less.

The past 24 hours have been profitable for traders as Bitcoin launched from $ 32,000 to generate 4% gains which were holding above $ 33,800 at the time of writing.

For Cointelegraph contributor Michaël van de Poppe, the strength needed to last and $ 32,500 to hold in the event of a retracement.

“Bitcoin breaks through this resistance at $ 32.5-32.7,000. Maintain this as support = likely continuation towards $ 36,000,” he predicted in a Twitter update.

“Overall, the next resistance at $ 34.5,000 may be reached over the weekend.”

Such behavior would not be at all surprising given the wide trading range in which BTC / USD is currently operating – $ 42,000, the all-time high since February, remains the top of the range and the line in the range. sand for a definitive continuation of the bull market.

Trader and analyst Rekt Capital meanwhile pointed to the changes underway with the 50-week exponential moving average (EMA) as a sign of a longer-term bullish comeback.

On the more careful side, like Cointelegraph reportedThere are projections of $ 24,000 if Bitcoin reverses, with one trader considering a nearby CME futures spread as possible support.

“We see support at the $ 22,000 level and $ 24,000 for failure below the current support level,” added the Decentrader trading suite in a new market update Friday.

Ethereum “confirming” the breakout

Altcoins, on the other hand, slowed the pace of their own gains, but still maintained impressive performance over the week.

Related: Just HODL! Bitcoin and Ethereum outperform ‘lower risk’ crypto index funds

With many of the top fifty cryptocurrencies by market cap posting weekly returns of 10% or more, confidence was returning to the market.

Ether (ETH), the biggest altcoin, traded above $ 2,000, peaking in ten days.

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

“So far everything is going well to confirm a breakout here”, Rekt Capital noted on ETH / USD performance.