Here’s Why a Daily Close Above $35,500 is Crucial
The crypto markets appear to be gearing up as market capitalization has surged beyond $1.34 trillion. This indicates the bulls are extremely poised to lift the price levels toward the next highs, regardless of the interim bearish actions. Besides, the Bitcoin price continues to form constant higher highs and lows, maintaining an ascending trend. This points towards the bulls maintaining enough strength but being constantly tested as they remain unclear of the impending trend.
The BTC price has been gradually trading upwards since the huge move in late October. In the short term, the price faced a minor pullback and hit support again, followed by a bounce from the lows. Presently, the price is trying hard to trigger a rebound, but as long as the price does not surpass the immediate resistance, the fear of rejection may prevail.
Considering the statistical point of view, the bulls appear to have an upper hand at the moment as the price is testing the short-term resistance line. Although the Bears are trying hard to restrict the rally in the short term, the long-term trade appears to be pretty bullish. The BTC price which is trading sideways between $35,200 and $35,400 since the start of the day is expected to trigger a breakout before the end of the day. This could happen as a result of an extended consolidation within pre-defined levels.
Therefore, an attempt to close the day’s trade above $35,000 could offer the bulls the required base to head toward the next target of $36,000. Else, a rejection may lead the Bitcoin price to test the lower support which is placed below $35,000 at the moment. The RSI is also supporting the bearish claim that suggests the BTC price could undergo a descending trend soon.
