Bitcoin (BTC) hit $36,000 after Wall Street opened on November 16, and analysts expect BTC prices to fall further.
Bitcoin traders chart possible bottom
Data comes from Cointelegraph Markets Pro and trading view After retracing from the intraday high of $36,600.
With Bitcoin failing to break above its 18-month high this week, it’s not encouraging for market participants, some of whom hope to see a fresh pullback to retest lower levels.
“It’s good to see the recent rally completing its round trip back to $35,000. Even better to see a retest of $33,000.” Monitoring resource Material Indicators wrote Part of the X review of the day.
A snapshot of BTC/USDT order book liquidity shows support at $35,000.
Material Indicators co-founder Keith Alan went on to add that Bitcoin’s rising 21-day simple moving average (SMA) has been acting as a support in recent days.
“BTC continues to compete for the range above $36,500,” he commented.
“Local support is forming around the 21-day moving average, currently around $35,700. Which side do you think breaks first?”
Popular trader Daan Crypto Trades has similarly flagged $35,700 and $38,000 as major downside and upside levels to watch, respectively.
My point of view #bitcoin. It doesn’t get any easier than this range.
It’s very clear which levels are the most important, namely the ~$35.7K low and the ~$38K high.
Anything in between becomes unstable.
Get up to $30K in bonuses on Bybit:
pic.twitter.com/B2jststQ7A— Daan Crypto Trades (@DaanCrypto) November 17, 2023
Meanwhile, trader Gaah, a contributor to on-chain analytics platform CryptoQuant, warned that a larger correction could bring the market closer to $30,000.
“As expected, $37,000 provides strong resistance for Bitcoin price!” he Tell X subscribers and his latest analysis.
“As long as $37,000 continues to provide resistance to the price, the window for a larger correction to the channel bottom at $30,900 remains open.”
Bitcoin dominance returns to 7-day high
Credible Crypto, a well-known trader and analyst known for being bullish on the market in the current environment, struck a more optimistic tone and saw the potential for BTC prices to re-enter the upside next.
Related: Bitcoin Bull Run Absent from FOMO as BTC Price Approaches Key $39,000 Profit Zone
This was due to a clear pullback in altcoins, which had underperformed on the day compared to Bitcoin.
As of this writing, the largest altcoin Ethereum (ETH) is down 3.8% in 24 hours, XRP (XRP) is down 5%, and Solana (SOL) is down nearly 11%.
“Having taken control of alternative currencies, I have a feeling $BTC is ready to do this,” Credible Crypto wrote In part of the X post of the day.
Bitcoin’s cryptocurrency market capitalization dominance rose to a one-week high of 52.82%.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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