1-Day Analysis:
Big Picture: Over the weekend, Bitcoin’s price remained volatile inside a narrow range. On the bright side, bulls maintained mid-range levels during the weekly time frame and were able to close the candle on strength, making their highest candle closing since May 2022. Volumes have maintained at multi-month highs, indicating that bulls have remained aggressive. Moving forward, due to overheated conditions, some profit-taking and trend slowdown cannot be ruled out.
On the Upside price is anticipated to encounter resistance near 34,840 to 35,075 levels once again. Up to this point, Bitcoin’s advance has been constrained by this level. As a result, a clean break above this hurdle would drive price towards the resistance lines of 35,750, 36,600, and 37,000. Another round of profit-taking is expected in this higher region.
On the Downside over the weekend, the price was able to hold the support levels of 33,970 to 33,670, which allowed the price to channel upwards. Sellers required a convincing candle closing below these supports to be able to push price down as a corrective move towards the mid-range levels of 33,000 to 32,940. Having said that, the session’s primary support is at 34,200, followed by a range levels of 33,970 to 33,670.
