BTC reclaimed key level after the crazy pump ‘n dump from yesterday as it saw some wild price action over the past few days as well so let’s take a closer look at the Bitcoin price news today.
The price action led BTC to $32,000 a few days ago showing that there are plenty of bears that are looking to weaken Bitcoin’s price action right now. BTC recovered from the lows and it is not showing signs of wanting to collapse lower but the price action was quite heavy. One trader explained that he is now expecting that BTC will hit $34,000 over the day so it means it is critical that the cryptocurrency reclaims the level and establishes new support. Breaking below the daily close could put the coin in a precarious position.
Bitcoin and the rest of the crypto market were quite heavy as of late with the benchmark cryptocurrency and altcoins alike having a hard time gaining momentum because of the strong selling pressure that the bears were placed on the number one cryptocurrency. Where will the market trend in the next few days depends on whether or not the bulls are able to stop the cryptocurrency from seeing an intense selloff because of the rejection at $39,000. One trader is now watching to see how BTC will respond to $34,000 noting that the bulls have to hold so they can gain control over the price action.
BTC is now trading down just over 1% from its current price of $33,820 which marks a huge drop from its recent high of $39,000 which came about once Elon Musk changed his Twitter bio to “Bitcoin.” One trader noted that the $34,000 level is probably the key level to watch in the short-term as the daily close above or below this level could portray the BTC near-term fate:
“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 upcoming few days will give us some more insight on whether or not BTC and the rest of the market will reverse the damage made by the pump ‘n dump despite the fact that BTC reclaimed key levels.
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