itcoin-etfs-denied">itcoin">Bitcoin‘s price has risen significantly over the past week, increasing around 15% and reaching a new yearly high above $34,000. Analyzing key technical levels reveals two potential near-term scenarios for BTC.
On the daily chart, itcoin">Bitcoin broke strong resistance at $27,000 and continued surging past $32,000 to hit the key $35,000 level. This area around $35k represents formidable resistance and could spur a temporary correction.
However, if bulls can decisively overcome resistance, itcoin">Bitcoin’s uptrend could continue towards higher price points. The 4-hour chart also shows BTC facing selling pressure at $35,000 currently.
On-chain data indicates investor sentiment remains broadly optimistic, with metrics like NUPL suggesting more holders are in profit. But realization of those profits could still introduce volatility.
Overall, itcoin">Bitcoin could see a pullback if the $35k barrier holds. But a break above would indicate bullish momentum is intact and extend this rally. Both scenarios remain probable based on technical and on-chain factors.
