Bitcoin (BTC) has a new short-term BTC price target as consolidation mixes with volatility.
Bitcoin market participants have highlighted key levels to look for from November 8, after a classic “short squeeze” pushed the largest cryptocurrency to nearly $36,000.
Bitcoin buying liquidity drops slightly to $34,000
Bitcoin is facing hurdles in overcoming resistance at the $36,000 mark, with multiple attempts to clear the resistance quickly disappearing from Cointelegraph Markets Pro and Cointelegraph Markets Pro. trading view show.
Sellers are now becoming active during the intraday time frame and data from exchange order books shows buyers are becoming cautious.
in a X posts On the same day, on-chain monitoring resource Material Indicators highlighted support for lower liquidity – from $34,500 to $34,000.
“The Bitcoin game board is changing,” it wrote in an accompanying comment.
A snapshot of the BTC/USDT order book on Binance also confirms that $36,000 received additional selling liquidity after falling by $35,900 the previous day. $40,000 remains a key psychological hurdle.
If seller pressure drives the market lower, $34,000 will now become a potential battleground, with popular trader Daan Crypto Trades eyeing the upside.
These funds came in the form of $35,000 and $35,000 – liquidity that could replicate a short squeeze if bulls prevail.
“Clear liquidation clusters are around $35,000 and $35,700,” he said wrote About Binance BTC/USDT Perpetual Swap.
“If either of these two levels is flagged, expect some squeeze.”
Trader Skew summarized the current state of spot and perpetual contracts, concluding that spot bidders are needed to bring opportunities for further upside to the market.
Bitcoin USD Market Data Topics
Binance Spot Order Book
After a large amount of spot buying yesterday, the quotation range is clear from the perspective of liquidity.
Please note that the current spot trading volume is insufficient
Binance Futures Order Book
Very thick bid depth and high short float led to yesterday’s short squeeze as… pic.twitter.com/OUzfdRdl9q
— Skew Δ (@52kskew) November 8, 2023
Analysis: The “most bearish” BTC price scenario at $33,700
Meanwhile, trader and analyst Credible Crypto said in a typically optimistic tone that Bitcoin is unlikely to return below $33,700.
Related: Transaction flow gap hits 10K BTC – 5 things to know about Bitcoin this week
updating For X subscribers of the two BTC price scenarios, he said $34,500 will actually act as support.
“In my ‘most pessimistic’ low time frame scenario, I don’t expect anything below 33.7k,” he wrote.
“In other words, whatever happens over the next few days, I think the downside is extremely limited.”
Credible Crypto added that hints on the outcome of the current situation are expected “in the next day or two.”
As Cointelegraph reported, the long-term TBC price outlook gives bulls reason to celebrate. Even year-end goals include $45,000 or more, and the upcoming halving of collective subsidies is itself a source of optimism.
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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