Bitcoin began the new week's trading with a rise above $35,200, but failed to consolidate above this level and fell below $35,000.
BTC's attempt to gain a foothold above the $35,000 level has caused volatility in the Bitcoin market. Over the past 24 hours, the largest cryptocurrency by capitalization has been trading in a range of $34,479 to $35,439.
It is worth noting that many analysts believe that Bitcoin is on the verge of explosive growth.
Jan Happel and Yann Allemann, co-founders of Glassnode, believe that Bitcoin has broken through several key resistance levels and is in a momentum-building phase.
"We have analyzed our own regime shift and concluded that we are moving from a bearish situation to a bullish one. The weekly chart supports our view. The long-term bullish trend has been confirmed; momentum is building, and it appears that this is just the beginning," the analysts said.
However, the co-founders of Glassnode warned that BTC could hit the $32,700 level before continuing to rise.
Also, a crypto analyst under the pseudonym DonAlt said that the next resistance for Bitcoin in the high time frame is the $60,000 level.
The market is still eagerly awaiting regulatory approval for Bitcoin ETF applications. These ETFs are expected to lay the groundwork for institutional money to flow into the cryptocurrency due to their fully regulated nature.
Valkyrie Chief Investment Officer (CIO) Stephen McClurg said in a recent interview that the SEC will likely approve the ETFs in November.
BTC is currently down 0.54%, trading at $34,875.97.
There was a move above the 50% Fibonacci retracement level on the move down from the swing high of $35,945 to the swing low of $34,133. However, bears have been active above the $35,200 level. The price appears to be facing a major hurdle near the $35,250 level.
The nearest resistance for Bitcoin is around $35,050, and the key resistance is at $35,250. A consolidation above $35,250 would create momentum towards the $35,500 level, a break of which would open the way to $36,000 and beyond.
If Bitcoin fails to break above the $35,250 resistance zone, it could continue to move lower and test support at $34,500. The next major support is near the $34,150 zone, a break of which would open the way to $34,000 and below.