Bitcoin Struggles to Maintain $34K Support as Traders Eye Potential Rebound or Dump

Bitcoin fell below $34,000 as it struggles to hold 17-month highs. $33,000 is now seen as a key level to hold.

If Bitcoin breaks above $34,700, it could lead to a rise to $37,000-$38,000. On the flipside, $32,600-$33,100 are potential support zones.

Some traders foresee a potential short squeeze to $36,000 or even $40,000 before a dump lower. Caution is advised until $33,000 is retested.

Zooming out, the CME futures gap at $20,000 may not necessarily get filled, as gaps often go unfilled in parabolic advances.

This is not investment advice. Every trading move involves risk, so readers should do their own research before making decisions.