Bitcoin (BTC) is trading below a weekly low of $1,000 as BTC prices eased and rebounded firm after Wall Street opened on November 22.
Bitcoin respects ‘very clear’ key levels
Data comes from Cointelegraph Markets Pro and trading view Follow the cryptocurrency market as it recovers from the previous day’s rapid decline.
As news continues to settle that the world’s largest exchange, Binance, will be fined $4.3 billion by U.S. lawmakers, Bitcoin traders are eyeing the latest important price levels.
Daan Crypto Trades shows that BTC/USD remains within a two-week trading range despite falling to $35,600 following Binance activity.
“Nice knock and bounce in the low range again,” he Tell X subscribers viewed part of his latest comment.
“Obviously the most important levels in this area are 35.7K and 38K.”
The range between $35,000 and $38,000 is also of interest to optimistic market participants awaiting the next phase of the Bitcoin bull run.
Among them is popular trader and analyst Credible Crypto, who predicts some range-bound action before an “impulse” move higher.
“As others have pointed out, backwardation is back. In my opinion, a bottom is definitely forming here. That being said, think the upside is currently capped at around 37k and the downside at around 35k as we take off A small range was formed in the accumulation of funds in the past few days,” he explained same day.
“Based on the chart in the tweet I quoted, look for a low of 35.5k taken before this accumulation phase ends and the next impulse begins.”
The accompanying chart of the Binance order book shows that liquidity pockets define possible range highs and lows.
BTC price 4-hour chart flashes
Fellow trader Jeller is also known for being bullish on Bitcoin’s long-term prospects, but warned that buyer interest must now solidify.
Related: How Low Can Bitcoin Price Go?
“While we’ve never gone below the lows, Bitcoin still has a lot of work to do,” he said explain Regarding Binance’s post 4 hour chart.
“For the first time in this consolidation, we failed to make higher lows – and now we’re back below key levels as well. The Bulls need to step in here.”
However, on the longer time frame, Jelle sees a breakout of the so-called “cup-and-handle” pattern – with a price target of $48,000 for Bitcoin.
#bitcoinThe cup-and-handle pattern breaks out and goes right through the $30,000 resistance!
The target here is $48,000 and the new ATH pic.twitter.com/XHzeMtuh1z
— Jelle (@CryptoJelleNL) November 22, 2023
Meanwhile, in the latest order change report, monitoring resource material indicators indicate that whale selling is continuing.
Still, an overall move higher in liquidity is a bullish sign, it added in X comments.
Wake up and discover some fun activities #bitcoin Order book.#FireCharts 2.0 (beta) shows an increase in both bid and ask prices, which is a short-term bullish sign following yesterday’s decline. That’s not surprising, but you can clearly see in this chart something different than… pic.twitter.com/xgJj8AytZe
— Material Indicators (@MI_Algos) November 22, 2023
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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