Even as investors and traders started booking profits, BTC traded above $34,000, hinting at the sturdy crypto fundamentals in the market.
In the last 24 hours, Bitcoin saw a small wave of profit bookings after it traded above $35,000. The trading level has become the new resistance for BTC. On the other hand, investors witnessed strong crypto fundamentals in the market as the $34,000 support was firm for BTC. While other tokens also saw flat movements, the overall outlook is bright for the crypto market.
Market morales were boosted immediately after the Fed’s decision, which raised Bitcoin’s prices to around $35,900 a day earlier. Even though the momentum has slowed down, the crypto market cap is broadly stable. Crypto market movements over the weekend could likely be stagnant, with BTC holding its support levels.
In the upcoming week, the $35,000 mark will be a key target for crypto bulls. If crypto market movements turn bullish and BTC breaks its resistance again, it will look towards consolidation. It may need to gather significant support around the trading range to rise to $40,000 within November.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,400 on November 3, 2023, with BTC/USD trading lower by a margin of 2.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (31,020.66), as BTC’s 24-hour volume was at around $19 billion. Volumes have risen minimally since the previous day.
Bitcoin has seen around 107.91% returns on a year-to-date basis. 7-day returns for BTC stand at 1.1%, while its 100-day EMA was at around $28,831.25. Bitcoin’s overall market capitalization is trading at around $673 billion.
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