Bitcoin Price Hits $ 34,000 As Trader Predicts New Weekend Endurance Showdown

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Bitcoin (BTC) hit $ 34,000 on July 24 after the latest resistance reversal took place to propel the market higher.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBitcoin beats $ 34,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD hit just $ 34,000 on Bitstamp on Saturday before coming back to linger around $ 200 less.

The past 24 hours have been profitable for traders as Bitcoin launched from $ 32,000 to generate 4% gains which held over $ 33,800 at the time of writing.

For Cointelegraph contributor Michal van de Poppe, the strength needed to continue and $ 32,500 to hold if a retracement occurs.

“Bitcoin breaks through this resistance at $ 32.5-32.7,000. Maintain this as support = likely continuation towards $ 36,000,” he predicted in a Twitter update.

“Overall, the next resistance at $ 34.5,000 may be reached over the weekend.”

Such behavior would not be at all surprising given the wide trading range in which BTC / USD currently acts at $ 42,000, the point of all-time highs in February, remains the top of the range and the line in the sand for a definitive continuation of the bull market.

Trader and analyst Rekt Capital meanwhile highlighted the changes underway with the 50-week Exponential Moving Average (EMA) as a sign of a longer-term bullish comeback.

Last week #BTC collapsed from the triangular market structure formed by 21 week EMA resistance and 50 week EMA support

Today $ BTC is just above the 50 EMA, trying to recover it as support

Weekly close above 50 EMA will confirm recovery #Crypto #Bitcoin pic.twitter.com/fsDm4hrK4C

– Rekt Capital (@rektcapital) July 24, 2021

On the more cautious side, as Cointelegraph reported, there remain projections of $ 24,000 if Bitcoin reverses, with a trader considering a nearby CME futures spread as possible support.

“We see support at the $ 22,000 and $ 24,000 levels if there is a breakdown below the current support level,” the Decentrader trading suite added in a new market update on Friday.

Ethereum “confirming” the breakout

Altcoins, on the other hand, slowed the pace of their own gains, but still maintained impressive performance over the week.

Related: Just HODL! Bitcoin and Ethereum outperform low-risk crypto index funds

With many of the top fifty cryptocurrencies by market cap posting weekly returns of 10% or more, confidence was returning to the market.

Ether (ETH), the largest altcoin, traded above $ 2,000, hitting ten-day highs.

ETH / USD (Bitstamp) 1 day candle chart. Source: TradingView

“So far, everything is going well to confirm a breakout here,” Rekt Capital said of the ETH / USD performance.

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