Bitcoin battles $35K as traders agree volatile BTC price move incoming

Bitcoin battles $35K as traders agree volatile BTC price move incoming

Bitcoin has endured a volatile start to its run this year, but it’s heading for another upbeat year thanks to a rally in the cryptocurrency’s price since the start of the year.

Bitcoin has been range-bound for a few days, hovering around the $35,000 mark. Today, it has dropped to $34,900. The bitcoin value has been volatile since the end of October, when it briefly broke above $7,000, but the volatility has been short-lived. Most of the time, the price of bitcoin (BTC) is between $4,000 and $6,000.

Bitcoin (BTC) tackled key resistance around $36,000 on Wednesday, while expectations of a breakout grew.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView

Bitcoin battles $35K as traders agree volatile BTC price move incoming

BTC breakout means first stop: $39,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD made several attempts to break through the $35,000 level on Wednesday, but failed.

The largest cryptocurrency recovered from lower levels overnight, reassuring those who feared that the important support level of $33,000 would be breached.

However, with the $36,000 area as a key resistance band, low volume and overall compression structure held back the bulls throughout the day.

BTC/USD (Binance) Buy and sell stands from 7. July. Source: Material Guide/Twitter

Bitcoin battles $35K as traders agree volatile BTC price move incoming

According to noted trader Michael van de Poppe, bitcoin needs a clear breakout of the $35,500 level to remain bullish. Yet the potential growth ceiling could be much higher in such circumstances.

If $35,500 is profitable, I think we have a boost to $39,000, he explained in his latest YouTube update.

A retest of recent highs just below $37,000 should then follow, the success of which will pave the way for higher levels.

In fact, the highest time level is between $40,600 and $42,000, he continued.

If it splits, I think we will have a retest around the $50,000 level and momentum will return to the markets very quickly.

Altcoin is poised for a price premium over bitcoin

Altcoins, meanwhile, continued their moderate upward movement, with Ether (ETH) gaining significantly against BTC. In particular, the ETH/BTC pair is now at its highest level in a month.

ETH/BTC 4 hour candlestick chart. Source: TradingView

Bitcoin battles $35K as traders agree volatile BTC price move incoming

The top 50 cryptocurrencies in terms of market capitalization have seen daily growth of up to 13%, while other tokens have remained stable.

Related: Is the bitcoin bull just in the phase of disbelief in the market cycle?

What are my expectations for the markets in general? I think we have reached the bottom, concludes Van de Poppet.

I think it will continue to rise, and I think altcoins will greatly outperform bitcoin in the coming months, until bitcoin reaches an all-time high.

Another trader and analyst at Rekt Capital concurred with predictions that the characteristic average movement in the price of bitcoin in recent days is coming to an end.

BTC expects volatile movement in the coming days, he predicts, referring to the popular Wyckoff method that suggests any potential movement will be up, not down.

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