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, 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, 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, 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.
