New BTC price breakouts see Bitcoin traders confirm targets up to $48K
Bitcoin (BTC) has jumped to new 18-month highs, but holding its latest support is now key to avoiding a “breakdown.”
Data from Cointelegraph Markets Pro and TradingView shows BTC price gains continuing into Nov. 2.
BTC/USD hit $35,968 on Bitstamp after the daily close — its highest levels since May 2022 and beating last month’s local peak.
Now returning to test the mettle of $35,000 as support, Bitcoin is on the radar of market participants, some of whom are not discounting the possibility of a new BTC price dip.
In his latest update, popular analyst Mark Cullen suggested that $35,000 was the significant line in the sand to defend.
“Now the Bitcoin range has broken, its a little simpler. Either hold and push on up or break down and we likely lose the major BTC uptrend in the short term,” he wrote on X, referring to the past week’s comparatively sideways trading landscape.
Cullen added that Bitcoin would need to close a four-hour candle below the $35,000 mark to flip the mood.
“No reason to be bearish until BTC close an H4 back below 35k. A dip back to test is fine & likely a #BTFD opportunity,” he said.
Also eyeing the low-timeframe range is trader and analyst Credible Crypto.
Like Cullen, he predicted a return lower before upside continued, trapping both late longs and shorts in the process and adding to liquidations.
There is our breakout
Something like this to wipe out some late longers real quick would not surprise me.
Quick dump down into demand, late longers flushed + fresh bears pile in into demand, higher low printed, run it back up into the real pump. $BTC https://t.co/uitgSD3nV0 pic.twitter.com/QZAaYEHb28
On the day, he placed a zone around $34,600 as an “ideal downside target.”
“Shorts shorting into support with bids
Read more on cointelegraph.com
