Cryptocurrency prices continued to consolidate on Tuesday as Bitcoin bulls looked to gather reinforcements before making a push to overcome resistance at $36,000.
- Cryptocurrency prices continued to consolidate on Tuesday as Bitcoin bulls looked to gather reinforcements for a run at the stiff level of resistance found above $35,300 that has rejected multiple attempted breakthroughs thus far.
Data provided by TradingView shows that Bitcoin spent the first half of the day drifting lower, bottoming out at $34,530 near midday before an afternoon rally pushed it to a daily high of $35,962. Bears rejected the attempt to reach $36,000 and are now locked in a battle for control of the price action near $35,600.The early bearish pressure resulted in “November Bitcoin futures prices weaker in early U.S. trading Tuesday,” according to Kitco senior technical analyst Jim Wyckoff.
Historically, “when Bitcoin is up by at least +50% by the end of October, there is, on average, a 78% chance that Bitcoin will advance even more into year-end,” he said. “Bitcoin rallied, on average, another +68% until year-end on seven of nine previous occasions. This analysis is based on thirteen years of Bitcoin history.
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