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- Category: Bitcoin
- Published: Sunday, 25 July 2021 15:33
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Bitcoin price hits $34K as trader forecasts fresh weekend resistance showdown
Bitcoin is likely going to tackle $34,500 today or tomorrow, Michaël van de Poppe says, opening up the road to $36,000 or more.
Bitcoin (BTC) touched $34,000 on July 24 after the latest resistance flip held to propel the market higher.
![](https://s3.cointelegraph.com/uploads/2021-07/30ef2f79-a387-429f-abdd-23c418004dd9.png)
Bitcoin battles $34,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD just hitting the $34,000 on Bitstamp on Saturday before returning to linger around $200 lower.
The past 24 hours were profitable for traders as Bitcoin launched from $32,000 to deliver 4% gains that were holding above $33,800 at the time of writing.
For Cointelegraph contributor Michaël van de Poppe, it was necessary for the strength to continue and for $32,500 to hold in the event of a retracement.
"Bitcoin breaks through that resistance at $32.5-$32.7K. Holding that for support = likely continuation towards $36K," he forecast in a Twitter update.
"Overall, the next resistance at $34.5K is possibly being reached during the weekend."
Such behavior would not be at all surprising given the wide trading range in which BTC/USD is currently acting — $42,000, the point of all-time highs from February, remains the range ceiling and line in the sand for a definitive bull market continuation.
Fellow trader and analyst Rekt Capital meanwhile highlighted ongoing changes with the 50-week exponential moving average (EMA) as a sign of longer-timeframe bullishness returning.
On the more cautious side, as Cointelegraph reported, $24,000 projections remain should Bitcoin reverse, with one trader eyeing a CME futures gap nearby as possible support.
"We see support at the $22k and 24k level should there be a breakdown below the current support level," trading suite Decentrader added in a fresh market update on Friday.
Ethereum confirming' breakout
Altcoins meanwhile slowed the pace of their own gains but nontheless retained impressive performance over the week.
Related: Just HODL! Bitcoin and Ethereum outperform ‘lower risk’ crypto index funds
With many of the top fifty cryptocurrencies by market cap seeing weekly returns of 10% or more, confidence was returning to the market.
Ether (ETH), the largest altcoin, traded back above $2,000, hitting ten-day highs.
![](https://s3.cointelegraph.com/uploads/2021-07/b7423600-c7ce-4119-9a3d-45818ab1b959.png)
"So far, so good towards confirming a breakout here," Rekt Capital said about ETH/USD performance.
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