By: Eliza Bennet
On November 5, early morning, Bitcoin (BTC) broke past the $35,000 resistance level and managed to stay above, signaling a positive market sentiment, despite the weekend lull. Currently, Bitcoin trades at $35,155 as bears fail to push for a retracement, as per recent data. Bitcoin has successfully surpassed last week's resistance levels, showing signs of consolidation.
The current rally might be due to several positive developments around Bitcoin, such as BlackRock's spot exchange-traded fund (ETF), which is awaiting regulatory approval. Multiple Bitcoin ETF applications await greenlighting by the world's most significant asset managers. Experts anticipate that these ETFs would create an environment for institutional money to enter crypto because of their full regulatory compliance.
Altcoins started rallying when Bitcoin prices, retracing as investors looked for other opportunities. NEO, one of the best-performing cryptos has recorded gains of 32.04% and 59.3% over the last 24 hours and seven days, respectively. Meanwhile, gaming and multiverse related tokens also showed significant spikes over the last 24 hours. PancakeSwap's native token, CAKE, has also surged 83.54% over the past month, with 77.68% occurring over the past week.
Bitcoin is aiming for a fresh rise above the $36,000 resistance zone.The price currently trades near $34,850, near the 100 hourly Simple moving average. A clear move above the $35,250 resistance might open the doors for a jump toward the $35,500 resistance. Further gains might push BTC toward the $37,500 level. Conversely, if Bitcoin fails to rise above the $35,250 resistance zone, a further decline could be expected.
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