Focus Bitcoin price consolidates near $36,700, analysts warn about a pullback below $35k |Get all the essential market news and expert opinions in one place with our daily newsletter.Receive a comprehensive recap of the day’s top stories directly to your inbox.| ( [Kitco News](/)) – The broader cryptocurrency market traded in a holding pattern on Wednesday in the absence of any major news developments.Traders continued to take profits following the bullish performance seen in October and November as they looked to reposition themselves ahead of the potential approval of a spot Bitcoin ( [BTC](https://www.kitco.com/price/bitcoin)) exchange-traded fund as soon as January.Stocks opened higher as investors interpreted yesterday’s comments from Fed Governor Christoper Waller as a sign that the central bank is finished hiking interest rates.This outlook was strengthened by the release of the quarterly Personal Consumption Expenditures (PCE) report, which showed that core prices grew at a rate of 2.3% in Q3, down from the initial reading of 2.4%.
Despite the strengthening case for rate cuts, and comments from influential investor Bill Ackman that the Fed could start to cut rates as soon as Q1 2024, stocks fell under pressure in the afternoon.At the market close, the S&P and Nasdaq finished lower, down 0.09% and 0.16%, respectively, while the Dow was flat.Data provided by TradingView shows that Bitcoin bulls made an early morning attempt to overcome resistance at $38,000, but were soundly rejected, which resulted in Bitcoin price sliding back down to support at $37,700.[BTC/USD](https://www.tradingview.com/symbols/BTCUSD/?exchange=Coinbase) Chart by TradingView The attempt by bulls to push the price action resulted in “December Bitcoin futures prices [trading] higher in early U.S.trading Wednesday and near the recent high,” according to Kitco senior technical analyst Jim Wyckoff.Bitcoin futures 1-day chart.
Source: Kitco “A price uptrend on the daily bar chart is in place and BTC bulls have the firm overall near-term technical advantage,” Wyckoff said.“The path of least resistance for prices is sideways to higher in the near term.” Bitcoin now finds itself at a crossroads of sorts, [according](https://bloodgood.substack.com/p/beginning-of-freedom-issue-107) to market analyst Bloodgood, as “indicators [show] that the Bitcoin local top is in, [while] the chart tells a different story.” BTC/USD 1-day chart.Source: [Substack](https://bloodgood.substack.com/p/beginning-of-freedom-issue-107) With Bitcoin trading just below the local high and “teasing a potential breakout,” Bloodgood said that “$38,500 is the level to break if we want to see full send into mid-40’s territory,” but acknowledged this could be the “local high if it loses $35k, which will lead to a retrace towards the $30k region.” “Looking at the bigger picture, things look pretty good: FTX is down, Binance is solvent, CZ has left and with a spot ETF close to being approved, the biggest TradFi giants will soon have a lot to gain from Bitcoin mooning, hence they will probably do something to nudge things in that direction,” he said.
“The weekly remains the same as last week, above [resistance] and ready for a leg higher, but since the monthly is at resistance we cannot trade purely on the weekly timeframe being bullish,” he added.BTC/USD 1-month chart.Source: [Substack](https://bloodgood.substack.com/p/beginning-of-freedom-issue-107) “Looking deeper into the daily timeframe we can see that the mini-range which we drew a few weeks ago still hasn’t been broken,” Bloodgood said.“Although there was a moment when BTC was above the range high, it was quickly rejected.As long as it’s trading in the upper part of the range I am comfy.” Market analyst Michaël van de Poppe also sees $35,000 as an important price level to watch and said a dip below that level presents a good buying opportunity.Markets are consolidating.— Michaël van de Poppe (@CryptoMichNL) Giving opportunities, still no breakout of [#Bitcoin]above $38K.
If we continue to make higher lows, higher highs, a breakout seems to be happening soon.Structure lost? Buying at $33-35K.[November 29, 2023] Altcoins trade mixed It was a mixed day in the altcoin market, with a majority of tokens in the top 200 trading in the red.
Daily cryptocurrency market performance.
Source: Coin360 IOTA (MIOTA) led the field with an increase of 47.8% to trade at $0.257, while TerraClassicUSD extended its positive streak with a gain of 20.14%, and aelf (ELF) climbed 13.2%.Sei (SEI) led the losers after falling 11%, followed by a 9.5% decline for Ontology Gas (ONG), and an 8.8% pullback for EthereumPoW (ETHW).The overall cryptocurrency market cap now stands at $1.42 trillion, and Bitcoin’s dominance rate is 52%..
