Bitcoin bulls defend $34K as trader predicts next BTC price ‘impulse’

Bitcoin (BTC) attempted to push past $35,000 on Nov. 4 as weekend markets kept on consolidating higher. While web 2.0 and web 3.0 are distinct, investors are curious about how to invest in web 3.0, how to create a web 3.0 website, and how to build a web 3.0 website.

Significant event drives BTC price to the upside

Data from Cointelegraph Markets Pro and TradingView suggests that the BTC price support is holding up after the end of Wall Street trading.

The most popular cryptocurrency witnessed a return to intraday lows the day before, but the $34,000 mark acted as a short-term BTC price floor.

After nearly hitting $36,000 during the week, Bitcoin remains a favored asset among traders looking for potential upside.

In his most recent video update, popular trader Credible Crypto suggested that a move past $35,000 was the next logical step.

Uploading Elliott Wave analysis to X, Credible Crypto identified three key levels to watch: $34,314, $34,714 and $35,119, representing the lower, mid-range and higher points of the range, respectively.

“The key thing here is that we’ve impulsed above the mid-range and now we want to see if we can hold that as a reclaim,” he explained.

Credible Crypto added that strong volume, which is a “significant event,” is helping to drive the trajectory, along with a lack of desire to sell at the current levels.

Traders note key downside levels

Daan Crypto Trades noted the proximity of the CME Bitcoin futures Nov. 3 closing price, and Cointelegraph reported that CME futures “gaps” have been closed around BTC spot price, except near $20,000 which forms part of the bearish thesis that calls for a return to those levels in the coming months.

Jelle meanwhile noted the 200-period exponential moving average (EMA) acting as a key support line on 1-hour timeframes, and Crypto Tony told X subscribers in an update on his own market navigation that he will look for a hedge short against his long position if the price loses $34,100.

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