Bitcoin beats $ 35,000 as traders agree to volatile BTC price move

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Bitcoin (BTC) attempted key resistance of around $ 36,000 on Wednesday as anticipation built around a breakout.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBTC Break Means First Stop: $ 39,000

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD repeatedly tapping but failing to break through the $ 35,000 mark on Wednesday.

The largest cryptocurrency rebounded from lower levels overnight, calming those worried that a significant $ 33,000 support was breached.

With an area of ​​around $ 36,000 offering a significant resistance band, however, low volumes and an overall compression structure kept the bulls firmly in check on the day.

BTC / USD (Binance) buy and sell levels as of July 7. Source: Material Indicators / Twitter

For popular trader Michal van de Poppe, Bitcoin needed a clear breakout at $ 35,500 to cement further bullish action. That said, the potential upside limit under such circumstances could be much higher.

If $ 35,500 is broken, I think we’ll run up to $ 39,000, he explained in his latest YouTube update.

A retest of recent highs just below $ 37,000 should then enter, with success paving the way for higher levels.

Really, the highest level of delay is between $ 40,600 and $ 42,000, he continued.

If this does crack, I think there would be a retest around the $ 50,000 level and momentum will start to return to the markets very soon. Altcoins are set for price outperformance over Bitcoin

Altcoins, meanwhile, continued their moderate uptrend, with Ether (ETH) particularly clinging to BTC. The ETH / BTC pair, in particular, is now at a monthly high.

4-hour ETH / BTC candle chart. Source: TradingView

The top 50 cryptocurrencies by market cap recorded daily gains of up to 13%, while other tokens remained stable.

Related: Is The Bitcoin Bull Only Executed In The Market Cycle Phase Of Disbelief?

What are my expectations on the markets in general? I think we’ve hit rock bottom, concluded van de Poppe.

I think we were going to continue to move higher, and I think in the coming months until Bitcoin hits an all-time high altcoins will far outperform Bitcoin.

Trader and analyst Rekt Capital joined him in predicting the end of the average price movements, which have characterized Bitcoin in recent days.

A volatile move for BTC is coming in the next few days, he predicted, referring to Wyckoff’s popular method as a clue that any potential move would be up, not down.

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