BITCOIN pulls back after testing $35,000

Bitcoin has been on the rise since mid-September 2023 with the upward move clearly accelerating over the past two weeks. Sentiment towards cryptocurrencies was boosted by mounting media reports saying that the SEC is about to approve the Bitcoin ETF. No official confirmation of this was made yet but cryptocurrencies remain vulnerable to headline risk. Bitcoin climbed above the $35,000 mark yesterday for the first time since May 2022. However, bulls failed to hold onto those gains and the coin finished yesterday's trading below that hurdle. Nevertheless, another test was made today.

Taking a look at BITCOIN at 30-minute interval, we can see that after a period of trading in a $33,500-34,500 range, price broke above the upper limit and climbed to a fresh daily high near $35,100. Nevertheless, attempt to extend gains above this level turned out to be a failure and a pullback was launched. Bulls are currently attempting to keep the price above the upper limit of the aforementioned trading range in the $34,500 area.

Source: xStation5

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