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Bitcoin price is likely going to tackle $34,500, opening up the road to $36,000 or more

Bitcoin price touched $34,400 after the latest resistance held to propel the market higher, but soon it returned to lower lows around $200. BTC is currently changing hands at $34,110, recording a 5% gain over the past seven days.

bitcoin-price-is-likely-going-to-tackle-34500-opening-up-the-road-to-36000-or-more[4]

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price upside momentum is improving, which could keep crypto buyers active into the weekend

The B Word Conference is seen as what saved BTC from $32,000 to over $33,000 and keeps BTC above $33,900 for the time being. This is necessary for the upside momentum to be sustained, and $32,500 is an important hold in the case of a retracement.

“Bitcoin breaks through that resistance at $32.5-$32.7K. Holding that for support = likely continuation towards $36K,” Michaël van de Poppe forecast in a Twitter update. “Overall, the next resistance at $34.5K is possibly being reached during the weekend.”

bitcoin-price-is-likely-going-to-tackle-34500-opening-up-the-road-to-36000-or-more

Source: Michaël van de Poppe/Twitter

Furthermore, the Bitcoin crowd on Twitter has become bullish once again towards the top 1 market cap. With BTC’s 24-hour rise and 12-day price high to above $34,400, the commentary shows FOMO levels that haven’t been seen in 6 weeks.

bitcoin-price-is-likely-going-to-tackle-34500-opening-up-the-road-to-36000-or-more[1]

Source: Santiment

Meanwhile, Bitcoin’s daily trading volume is hanging around low levels, last seen in October 2020. However, these 9-month lows don’t definitely mean BTC is in for a price decline. If anything, this means individual trades will have a greater impact on markets.

bitcoin-price-is-likely-going-to-tackle-34500-opening-up-the-road-to-36000-or-more[1]

Source: Santiment

Altcoins, meanwhile, have slowed their own gains but kept up an impressive performance for the week. With many of the top 50 cryptocurrencies by market capitalization having weekly returns of 10% or more, confidence has returned to the market.

Ether has traded back above $2,000, hitting a ten-day high. Top 20 CoinMarketCap has THETA (THETA) up 20% in the last 24 hours, recording a 34% gain in seven days, trading at $6.14 at the moment. But today, the crypto market is not all green. The majority of coins also recorded a drop of around 5% on the day.

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