Trader flags key support and resistance levels for Bitcoin

A practising trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.

We will assess the current state of Bitcoin and the prospects for its price movement over the coming week, highlighting the primary scenario.

Bitcoin has met the expected reaction at $35,150. This indicates that a large seller is actively operating in the market and defending their levels, not allowing the price to rise. The priority trading scenario will be shorts.

On the daily timeframe, the price has breached the strong support at $33,450 and is currently performing a backtest of that level. A move below this volume-heavy zone would be a negative sign for buyers, since it implies that the traded volumes are positioned for selling.

Delta shows that all long positions remain in the red through a liquidity squeeze. Currently, the important resistance levels for the price are $33,450 and $34,650.

On the more local hourly view, a descending trend is forming: lows and highs alternate in this direction, signaling seller dominance. The pace of buying on the corrective wave is weak.

An important local support level on the lower timeframe is $31,700, from which the price is most likely to get a short-term bounce.

Thus, the market remains with a shorting priority. If the price breaks below and holds under $31,700, opportunities may open down to $30,300—the lower boundary of the global flat range in which the price has been moving.

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