Will Bitcoin (BTC) Price Hit $35K in the Coming Week? Decoding The Possibilities

In the ever-changing world of cryptocurrency, a recent tweet from the renowned crypto analyst Ali has sparked interest and debate. Ali points out a crucial level that could potentially determine the next move for Bitcoin (BTC) and could see it reaching the coveted $35,000 mark.

Bitcoin Price Analysis

As reported by Wall Street Journal, Bitcoin experienced an unexpected drop in price after the U.S. Securities and Exchange Commission (SEC) expressed concerns about recent spot Bitcoin ETF filings. The SEC’s decision on applications from BlackRock and Fidelity, among others, had played a significant role in the recent surge of Bitcoin’s value.

This regulatory news rattled the market within 30 mins, causing a swift decline of over 3%, with Bitcoin losing $1,000 in value. However, the resilient cryptocurrency managed to rebound from its low of $29,503, finding support around the $30,000 mark. As of press time, Bitcoin is trading down 1.78% in the last 24 hours at $30,202.

#Bitcoin is back above stable support! On-chain data shows 1.84 million addresses bought nearly 910,000 $BTC between $29,930 and $30,800.
As long as #BTC can hold on top of this demand zone, it has a good chance of advancing toward $35,000 due the lack of resistance ahead. pic.twitter.com/B2v3V06H91
— Ali (@ali_charts) June 30, 2023

Amidst the market turbulence, crypto analyst Ali emphasizes the importance of where Bitcoin trades now. He highlights a significant level that could potentially pave the way for a bullish surge. According to Ali’s analysis, nearly 910,000 BTC was bought by 1.84 million addresses in the range of $29,930 to $30,800. This range, known as the demand zone, is crucial for Bitcoin’s next move.

Will BTC Retreat at $35,000?

Going by his optimism it can be speculated that if Bitcoin can hold above this demand zone, the path to $35,000 could open up. As long as BTC maintains its foothold in this critical support level, the lack of major resistance ahead might propel it toward the sought-after milestone.

However, he also shared another interesting insight that comes from IntoTheBlock data, which reports a substantial 4X Surge in Bitcoin transaction fees compared to the previous quarter. Notably, the total Bitcoin fees for this quarter reached $186 million, marking the highest surge since Q2 2021. This data indicates heightened activity and the growing use of Bitcoin for various transactions.

Bitcoin’s $35,000 potential—what do you think? Will the demand zone hold and allow a positive breakout? Do you see any short-term factors affecting Bitcoin’s price? Share your thoughts.

Source: https://coinpedia.org/bitcoin/will-bitcoin-btc-price-hit-35k-in-the-coming-week-decoding-the-possibilities/