Bitcoin (BTC) Price Analysis:  35272 Technical Barrier Tested – 6 November 2023

Bitcoin (BTC/USD) sought to hold on to renewed advances early in the Asian session as the pair moved back above the 35000 figure after buying pressure emerged around the 34668 area, representing the 38.2% retracement of the recent appreciating range from 34100 to 35014.99.   Bulls chased BTC/USD higher to the 35257.24 area, a test of the 61.8% retracement of the recent depreciating range from 35541.43 to 34100.   BTC/USD’s recent high around the 35997.80 area represented a test of an upside price objective related to recent buying pressure around the 28122 and 32525 areas.  The recent high also represented a test of the 50% retracement of a historical depreciating range from 69000 to 15460, and also represented a test of the 61.8% retracement of the depreciating range from 48240 to 15460. 

Traders also elected Stops above the 34190.77 area during the appreciation to multi-month highs, a previous significant downside price objective related to historical selling pressure around the all-time high of 69000 and 59249 levels.   Additional upside price objectives include the 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, 43860, and 44269 lev

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Author: Sally Ho

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