bitcoin (btc) has new near-term btc price targets as consolidation mixes with bouts of volatility.
After a classic short squeeze took the largest cryptocurrency near $36,000, bitcoin market participants are highlighting key levels to watch from November 8 onwards.
bitcoin buys inches of liquidity up to $34,000
bitcoin faces obstacles in overcoming resistance at the $36,000 mark, and several attempts to overcome it have quickly faded, according to data from Cointelegraph Markets Pro and TradingView sample.
Now, sellers are becoming active on intraday time frames and data from exchange order books shows that the buying side is becoming cautious.
In a. November 8 X publication, chain monitoring resource Materials Indicators highlighted Supporting liquidity is going down: from $34,500 to $34,000.
“The bitcoin board is changing,” he wrote in part of the accompanying comment.
A snapshot of the btc/USDT order book on Binance also confirmed that $36,000 received additional sell liquidity after declining during the previous day’s touch of $35,900. $40,000 remained the critical psychological barrier.
With $34,000 now a potential battleground should sell-side pressure push the market lower, popular trader Daan crypto Trades looked at the lines in the sand to the upside.
These came in the form of $35,000 and $35,000, the place of liquidity that could serve to replicate the short squeeze should the bulls get the upper hand.
“Clear liquidation clusters located around $35,000 and $35.7,000,” he stated. wrote about Binance btc/USDT perpetual swaps.
“You would expect a small contraction if any of these levels are marked.”
Summarizing the spot and delinquent status quo, trader Skew concluded that spot bidders were needed to give the market a chance for further upside.
Binance Spot Order Book
Clear trading range from liquidity perspective after high volume spot purchases yesterday
note the lack of spot volume currently
Binance Futures Order Book
A very wide supply depth and high short float caused a short squeeze yesterday as… pic.twitter.com/OUzfdRdl9q
— Skew Δ (@52kskew) November 8, 2023
Analysis: “More Bearish” btc Price Scenario of $33,700
Meanwhile, in a typically bullish stance, trader and analyst Credible crypto stated that bitcoin was unlikely to return below $33,700.
Related: Exchange Flow Gap Reaches 10,000 btc: 5 Things to Know About bitcoin This Week
By updating X subscribers on two btc price scenarios, he He suggested those $34,500, in fact, would remain as support.
“In my ‘more bearish’ lower time scenario, I don’t expect us to see anything less than 33.7k,” he wrote.
“In other words, no matter how this develops in the coming days, I think the downsides are extremely limited.”
Credible crypto added that clues on the outcome of the current conditions should be expected within “a day or two.”
As Cointelegraph reported, the long-term btc price outlook gives bulls cause for celebration. Even year-end targets include $45,000 or more, and the upcoming block grant being cut in half is a source of optimism in itself.
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.
