Bitcoin Bulls Rally to Maintain $34K Level as Analyst Predicts Upward BTC Price Movement

According to Cointelegraph:  Despite pressures on the weekend market, Bitcoin (BTC) manages to make a steadfast defense of the $34,000 limit. With strong volume and an apparent lack of selling interest at current price levels, there is anticipation that Bitcoin could navigate another journey past $35,000, data from Cointelegraph Markets Pro and TradingView confirms.Bitcoin's price saw a revisit to the intraday lows of the previous day, but the $34,000 limit successfully proved itself as a short-term price floor. This resilience demonstrates Bitcoin's continued allure for traders who remain hopeful of a continued upswing.Credible Crypto, a popular trader, suggested an upcoming spike beyond $35,000 as the consequential move in his latest video update. Applying Elliott Wave analysis, Credible Crypto spotlighted three key levels to observe: $34,314, $34,714, and $35,119. These levels represent the range low, midrange point, and high, respectively.Highlighting the fact that Bitcoin price "impulsed" above the midrange, Credible Crypto emphasized the cryptocurrency's potential to hold that as a reclaim. This kind of reclaim from the midrange, instead of the range lows, signals an uptick for continuation.However, traders continue to monitor key downside levels with respect to both the weekly and weekend close. Daan Crypto Trades drew attention to the closeness of the CME Bitcoin futures Nov. 3 closing price. Historically, CME futures 'gaps' have narrowed around Bitcoin's spot price; an exception around $20,000 remains a bearish concern, anticipating a return to that level in the following months.Crypto Tony, reflecting on his own market navigation, pointed out the 200-period exponential moving average (EMA) acting as a fundamental support on 1-hour timeframes. The trader posited a hedge short against his long position should Bitcoin lose the $34,100 limit. However, the expectation remains bullish as long as BTC holds above $33,000.