Bitcoin (BTC) circled $36,000 after the Nov. 16 Wall Street open as analysis hoped for a deeper price comedown.
BTC/USD 1-day chart. Source: TradingView
Bitcoin traders map out likely bottoms
Data from Cointelegraph Markets Pro and TradingView followed a retracement from intraday highs of $36,600.
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.
BTC/USDT order book data. Source: Material Indicators/X
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?”BTC/USD 1-hour chart with 21-day MA. Source: TradingView
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.
Get up to a $30K Bonus on Bybit:
— 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 followers 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.”BTC/USD annotated chart. Source: Gaah/X
Bitcoin dominance returns to seven-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.
Related: Bitcoin bull market FOMO absent as BTC price nears key $39K profit zone
This was due to a marked pullback among altcoins, which underperformed compared with Bitcoin on the day.
Ether (ETH), the largest altcoin, was down 3.8% in 24 hours at the time of writing, while XRP (XRP) was down 5% and Solana’s SOL (SOL) nearly 11% lower.
“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%.
Bitcoin market cap dominance 1-day chart. Source: TradingView
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.