Can Bitcoin’s consolidation break through the $35,000 barrier?

• Bitcoin’s price is fluctuating between $34,800 and $35,250 amid consolidation.
• Bitcoin’s value jumped from $34,288 to $35,902 on November 2nd.
• Bitcoin could face further losses if it drops below $34,650.

Bitcoin is currently experiencing a rigid consolidation phase, with its price fluctuating between $34,800 and $35,250. Despite numerous efforts by bullish traders to surpass the $35,250 resistance point, bearish forces have demonstrated significant strength around the $35,300 and $35,550 marks.

Over the course of this week, Bitcoin attempted several times to break through the significant resistance level of $35,250, but all attempts were unsuccessful. The cryptocurrency peaked at around $35,286 before it began a downward correction.

On November 2nd, Bitcoin’s value notably experienced a significant increase, jumping from a low of $34,288 to a peak of $35,902. Despite this, the last 24 hours have only seen a slight rise of 0.29% in Bitcoin’s price, which now stands at $34,920. In the same timeframe, the trading volume has increased by 4.18%, amounting to $13 billion, and the market capitalization of the cryptocurrency has seen a small growth of 0.29%, now standing at $682 billion.

Bitcoin Stalls at $34,900: What Next?

The daily price chart indicates that BTC is presently fluctuating around $34,920, closely followed by the 100-hourly simple moving average. Concurrently, a significant occurrence is the formation of a considerable contracting triangle, with support roughly at $34,680, as noted on the hourly BTC/USD chart.

In terms of positive momentum, immediate resistance continues to exist around the $35,250 mark, with the subsequent significant hurdle located at $35,400, which is the upper trend line of the triangle. A robust surge above the $35,800 resistance level could set the stage for a climb towards the $36,150 resistance level.

On the flip side, should Bitcoin struggle to surpass the resistance zone of $35,250, there’s a possibility of the downtrend persisting. The first support on the downside appears close to the $34,800 level, followed by more substantial support around the $34,650 mark, aligning with the triangle’s lower trend line. If Bitcoin drops below $34,650, the digital currency could be exposed to further losses, possibly falling below the crucial support level of $34,200 soon.