In a recent development, renowned trader and analyst CredibleCrypto has taken a decisive step by underscoring the significance of the pivotal BTC price levels. Analysts shed light on particularly the 33.7k milestone and advise against holding out for retests below 33k, indicating a risk of falling behind. Noteworthy market dynamics have demonstrated an initial resistance within this crucial zone, an area CredibleCrypto identifies as the definitive BTC threshold between bullish and bearish sentiment.
Yet, the rejection failed to materialize, resulting in a higher low. In a recent post on platform X, CredibleCrypto explains why those counting on retests between 30-32k may need to readjust their strategies.
We have seen an initial rejection off the red zone which I noted was the $BTC bull/bear line in the sand, but the rejection lacked follow through and we simply put in a higher low for now.
— CrediBULL Crypto (@CredibleCrypto) November 1, 2023
With the 33.9k level holding, a reclaim of red would be quite bullish.
Let’s see what… https://t.co/fvmtDvNHat pic.twitter.com/c7gC0kAzgV
The analyst has suggested that if the 33.9k level is held successfully, it could lead to a significantly bullish trend for Bitcoin. This insight is particularly relevant as the crypto market remains uncertain, with investors eagerly anticipating the Federal Open Market Committee (FOMC) meeting.
Additionally, Crypto Tony, a prominent crypto analyst, shared his perspective in a recent X post. He has pointed out critical levels to watch out for in anticipation of the Federal Open Market Committee’s (FOMC) upcoming decision. These levels include a high point at $35,000, a low point at $33,500, and an equilibrium point at $34,100. Tony advises those on the sidelines to exercise caution and be mindful of the potential volatility in the market.
$BTC / $USD – Update
— Crypto Tony (@CryptoTony__) November 1, 2023
Here i have labelled some key levels following the #FOMC later on today
You have the range high at $35,000, The range low at $33,500 and the EQ at $34,100. If you are are sidelined, trade careful due to the volatility we may see, but these are your levels pic.twitter.com/MnmdWyQ4LL
Bitcoin has witnessed a surge in its price today. As of now, the price of Bitcoin stands at $34,4411, reflecting a modest increase of 0.11% over the past 24 hours and a noteworthy 1.16% rise in the last 7 days. The 24-hour trading volume for Bitcoin has reached a substantial $12,778,028,941 with a circulating supply of 20 million BTC.
As the cryptocurrency community eagerly awaits the FOMC’s decisions, expert insights could help guide traders and investors through the volatile landscape of Bitcoin. With the market constantly changing, it’s important to stay informed and make well-informed decisions. As Bitcoin’s price trajectory continues to evolve amidst ongoing market fluctuations, traders are advised to take note of pivotal levels to navigate this fast-paced industry better.
