The Bitcoin price is currently testing critical support at the $34,600 price region. This price level has served as a resistance in the past and might prove difficult for the Bitcoin price to break through.
In this Bitcoin analysis, we will be taking a critical look at this level and forecasting the likely price scenarios and targets for both the bullish and bearish Bitcoin outlook in the coming days.
What Does The $34,600 Support Break Mean For Bitcoin?
The Bitcoin bulls are currently battling to keep the Bitcoin price above the $34,600 support. If they can manage to hold on to this level, then there is a very high probability that we might see an increased buying power come into Bitcoin in the coming days.
This renewed bullish pressure will likely push the Bitcoin price back up to the $40k price region or as high as the $42k ATH.
However, if the bears manages to break through the $34,600 key support level, then there is a very high probability that we might witness an additional 14% dump to the $29,963 price region soon.
This region as served as a very strong support in the past and might be a key level for buyers to begin entering back into the market.
Are We In A Bear Trend Now?
The answer to this question is “NO”. Bitcoin is still in a bullish trend on all higher timeframes. However, we are experiencing a slight pull back after Bitcoin surged month after month all through 2020.
These types of retracements are very normal and to be frank with you, long over due for Bitcoin.
We wait for the price to decide on what it wants to do and then look for trading opportunities from there. However, right now Bitcoin is still undecided and trading in a ranging market.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read our How To Trade Bitcoin Guide. You can also check out our top list of Best Bitcoin Exchanges To Trade With.