The price of Bitcoin was able to overcome the key level of $34,750 and consolidate above $35,000.
It is worth noting that the cryptocurrency market came after the decision of the Federal Open Market Committee of the United States (FOMC) to keep the interest rate stable in the range of 5.25% to 5.50%.
BeInCrypto analyst Ibrahim Ajibadeh believes that the interest rate equilibrium has given Bitcoin all the conditions to regain its strength and rise towards the $40,000 mark.
"With 79% of Bitcoin holders in profitable positions, the overall sentiment in the ecosystem is predominantly positive... Drawing conclusions from these historical data trends, the Bitcoin price is likely to take another step towards $40,000 when the expected rate pause is officially announced," Ajibadeh said.
Currently, 27 indicators are signaling a bullish outlook for BTC, while 6 indicators are signaling a bearish outlook. Meanwhile, 72% of indicators point to a positive outlook.
The Fear & Greed index is at 72, which points out that investors are positive about the BTC market but could also indicate that the market is overvalued.
However, it is worth noting that on November 1, it was reported that $630 million worth of 6,500 Bitcoins were transferred from three addresses that have been inactive since 2017. Given the long period of inactivity as well as the potential impact on the price of BTC, this news roiled the cryptocurrency market and sparked speculation in the crypto community.
Large transfers often signal an impending purchase or sale, which can affect the price of Bitcoin.
Currently, the price of BTC is up 2.25% and is trading at $35,160.17.
The next resistance is at the level of $35,950, a break of which will create an impetus for growth to $36,200. A consolidation above this level will open the way to $37,000 and higher.
At the same time, the main support is located at $35,000, the overcoming of which will reduce the price of BTC to $34,500 and below.
Read also: Turkey is preparing a new law on crypto assets.