Bitcoin Traders Eye Key Price Levels as $34K Support Struggles

The price of Bitcoin (BTC) dropped below $34,000 after the Oct. 26 Wall Street open, as the consolidation at 17-month highs continued.

$33,000 becomes do-or-die BTC price level

Cointelegraph Markets Pro and TradingView data revealed BTC struggling with intraday lows.

The leading cryptocurrency had tried to move up the day before, however, selling pressure prevented $35,200 from being reached.

“We must wait for some candles to form to determine the next move, but we can get insight by continuously monitoring liquidity placement in the order book,” Material Indicators stated in its latest X update.

Material Indicators marked $33,000 as the essential level to hold, as “any wicks below that level before (or after) the Monthly candle close would invalidate this attempt at a Bull Market breakout.”

As per Cointelegraph’s report, $36,000 is already being considered as a target to conquer as part of a breakout that could result in $45,000 being reached next month.

Other well-known market participants, including MNTrading founder Michaël van de Poppe, have similar BTC price zones of interest.

Popular trader Daan Crypto Trades further commented: “Current price action is very predatory.” A chart accompanying the analysis tracked the ongoing relationship between open interest, or OI, and recent BTC price “squeezes.”

No $20,000 CME gap fill?

Credible Crypto, a trader and analyst known for his bullish outlook on BTC prices, recently challenged a bearish theory. This theory suggested that the $20,000 mark, the site of the only nearby “gap” in CME Group Bitcoin futures markets, could be revisited.

As Cointelegraph reported, these gaps form when BTC/USD starts a new week in a different place to where it traded the Friday prior, and the result is often a magnet for the market.

Credible Crypto urged his X subscribers not to wait for capitulation, saying that “we would likely leave that gap behind” due to parabolic advances. He linked to a chart showing historical gaps, which had been uploaded in March this year.

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