Bitcoin (BTC) circled $36,000 after the Nov. 16 Wall Street open as analysis hoped for a deeper BTC price comedown.
Bitcoin traders map out likely bottoms
Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels.
“Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k,” monitoring resource Material Indicators wrote in part of the day’s X commentary.
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 functioning as support in recent days.
“BTC continues to fight for the range above $36.5k,” he 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 likewise flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively.
My view on #Bitcoin. Can’t make it easier than this range.
Pretty clear which levels are most important here being the ~$35.7K low and ~$38K high.
Anything in between will be choppy.
— Daan Crypto Trades (@DaanCrypto) November 17, 2023
Fellow trader Gaah, a contributor to on-chain analytics platform CryptoQuant, meanwhile warned that a steeper correction could take the market closer to $30,000.
“As expected $37k offers strong Resistance for Bitcoin price!” he told X subscribers alongside his latest analysis.
“The window for a larger correction to the bottom of the channel at $30.9k is still open as long as $37k continues to offer Resistance for the price.”
Bitcoin dominance returns to 7-day high
Striking a more optimistic tone, popular trader and analyst Credible Crypto, known for his bullish market takes in the current environment, saw potential for BTC price upside to reenter next.
This was due to a marked pullback among altcoins, which underperformed compared to Bitcoin on the day.
“Pulled the reigns in on alts, I have a feeling $BTC is ready to do it’s thing,” Credible Crypto wrote in part of the day’s X posts.
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 risk, and readers should conduct their own research when making a decision.