- The crypto industry recorded a quiet weekend where Bitcoin continuously moved sideways, indicating a decrease in crypto trading volume.
- Bitcoin’s price briefly traded within a consolidation range between $26,558.10 and $28,088.68 before experiencing a Golden Cross that pushed the price higher.
- If the bulls manage to push the price above $35,000, Bitcoin’s price will gain momentum and prepare to test its upper resistance at $35,510.83.
Bitcoin price is gaining momentum again on Monday, targeting the critical level of 35 thousand dollars: Where is the target after 35K dollars?
Bitcoin Price Gaining Momentum to Target $35,000 on Monday: What’s Next?
The crypto industry recorded a quiet weekend where Bitcoin continuously moved sideways, indicating a decrease in crypto trading volume. The market leader, Bitcoin, is now eyeing the critical level of $35,000 once again with renewed momentum, potentially setting up a path to $40,000 by year-end.
Bitcoin last traded above $35,000 on May 2, 2022. Since then, the price has seen consistent fluctuations. The leading cryptocurrency briefly rose above immediate resistance during its recent price increase but quickly pulled back into the range.
Bitcoin’s price briefly traded within a consolidation range between $26,558.10 and $28,088.68 before experiencing a Golden Cross. Subsequently, the currency traded between $28,088.68 and $28,671.76 during the weekend, gaining momentum and breaking the critical $30,000 resistance.
The price continued to rise, surpassing various resistance levels between $30,396.71 and $33,409.71. Bitcoin’s price then made a move to test the crucial $35,000 resistance level but was rejected during a bearish period. Since then, Bitcoin has been consolidating. The cryptocurrency experienced a week-long price increase, gaining more than 16% in value.
The MACD has consistently declined, indicating a weakening bearish sentiment in the market through a red histogram. Furthermore, the moving averages are potentially nearing a bullish crossover, which could contribute to the price gaining momentum in the coming days.
Will BTC Price Continue to Rise?
If the bulls manage to push the price above $35,000, Bitcoin’s price will gain momentum, preparing to test its upper resistance at $35,510.83. Additionally, if the market holds around that level, it will likely move to test an important resistance level at $36,242.73 in the coming weeks.
On the other hand, if the bears overpower the bulls, a trend reversal could occur. The BTC price will lose momentum and prepare to test its support level at $33,409. Moreover, if the bears continue to dominate the market, Bitcoin will experience a strong bearish influence and may test its lower support level at $30,396.71 in the near future.
