Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Bitcoin consolidated recent recovery gains above $34.0k at press time. 
• Significant buy orders were at $33k; sell orders were placed at $35k and $40k. 

Bitcoin [BTC] entered a range formation on 25 October and consolidated gains above $34k. The range persisted ahead of the Fed decision on 1 November and could expose the king coin to slight price volatility. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

A recent BTC price prediction projected a move to $36k due to open liquidity at $35.9k. The idea was yet to materialize at press time as BTC failed to cross above $35.2k. What can traders expect next week as the Fed decision looms?

Key BTC price levels to consider

The liquidity on the 12-hour chart was at $30.9k – $32.8k (white). Above it, a crucial overhead and a bearish order block formed in May 2022 stood at $38k-$40k (red). However, the immediate hurdle for bulls to clear was the recent and new high of $35.2k. 

Notably, over 99% of polled interest traders expected a Fed rate pause in November. So, BTC could witness a slight bounce. The overhead resistance to watch out for were $35.2k, $37.7k, and roadblock of $38k – $40k. 

But negative sentime

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Author: Benjamin Njiri

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