Cryptocurrency trader Pentoshi shared an update on Bitcoin’s price action on November 9th, stating that the asset had reached a key mid-range level after a period of range.
In a tweet, Pentoshi pointed out that Bitcoin was testing a historical support zone of around $35,200. He noted that as long as Bitcoin can avoid closing decisively below this level, the outlook would remain constructive in the near term.
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Pentoshi shared a chart highlighting the $35,200 support level, which extends back to January 2021 when Bitcoin began its massive bull run from under $30,000 to nearly $65,000 by April. This long-term support area represents a key decision point that could determine Bitcoin’s next major move.
If Bitcoin manages to hold above $35,200, Pentoshi expects the asset to continue ranging in this mid-range zone between $35,000 and $45,000. However, a daily close below $35,200 would likely trigger further downside toward lower supports around $30,000.
In summary, Pentoshi believes Bitcoin is currently at a critical inflection zone after rallying from recent lows. While holding $35,200 could pave the way for more consolidation and choppy price action, losing this support could signal that a retest of lower levels is imminent. Traders will be closely monitoring how Bitcoin responds to this historic mid-range area in the days and weeks ahead.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.