bitcoin (btc) hovered around $36,000 after Wall Street’s Nov. 16 open, as analysis expected a deeper price drop.
bitcoin Traders Plot Potential Bottoms
Data from Cointelegraph Markets Pro and TradingView A pullback from intraday highs of $36,600 followed.
Having failed to establish a breakout beyond 18-month highs during the week, bitcoin proved uninspiring to market participants, some of whom were hoping to see a fresh correction to retest lower levels.
“I would be delighted to see this latest rally complete the round trip to $35,000. I would be even happier to see a new $33K test,” Materials Indicators monitoring resource. wrote in part of comment X of the day.
A snapshot of btc/USDT order book liquidity showed support building at $35,000.
Continuing, Material Indicators co-founder Keith Alan added that bitcoin‘s rising 21-day simple moving average (SMA) had been serving as support in recent days.
“btc continues to struggle for the range above $36.5k,” he said. commented.
“Local support is forming around the 21-day MA, which is currently around $35.7k. Which side do you think breaks first?
Popular trader Daan crypto Trades also noted $35,700 and $38,000 as the main downside and upside levels to watch, respectively.
my point of view on bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin. I can’t make it easier than this range.
It’s pretty clear which levels are most important here: the low of ~$35.7k and the high of ~$38k.
Anything in between will be choppy.
Get up to $30K bonus on Bybit:
https://t.co/rIxsG0GIWl pic.twitter.com/B2jststQ7A– Daan crypto Trades (@DaanCrypto) November 17, 2023
Meanwhile, fellow trader Gaah, a contributor to on-chain analytics platform CryptoQuant, warned that a steeper correction could bring the market closer to $30,000.
“As expected, $37,000 offers strong resistance to bitcoin price!” he said X followers along with their latest analysis.
“The window for a further correction towards the bottom of the channel at $30.9k remains open as long as $37k continues to offer price resistance.”
bitcoin dominance returns to seven-day high
Striking a more optimistic tone, popular trader and analyst Credible crypto, known for his bullish stance on the market in the current environment, saw potential for btc price to re-enter next.
Related: bitcoin Bull Market FOMO Absent as btc Price Nears Key $39,000 Profit Zone
This was due to a sharp pullback among altcoins, which underperformed bitcoin on the day.
Ether (eth), the largest altcoin, is down 3.8% in 24 hours at the time of writing, while XRP (XRP) is down 5% and Solana’s SOL (SOL) is down almost 11%.
“Once I took the reins on alternatives, I have a feeling $btc is ready to do its thing,” Credible crypto. wrote in part of the X publications of the day.
bitcoin‘s crypto market cap dominance increased to hit one-week highs of 52.82%.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
