Bitcoin traders’ BTC price targets now include a $30.9K bottom
Bitcoin (BTC) topped $36,000 after the November 16 Wall Street open, with analysts expecting a deeper BTC price decline.
Bitcoin traders probably draw the bottom map
Data from Cointelegraph Markets Pro and TradingView followed the rebound from the intraday high of $36,600.
After failing to break out above 18-month highs during the week, Bitcoin was not encouraging for market participants, some of whom were hoping for a fresh correction to retest the lows.
“I would love to see this recent rally complete the retracement to $35k. Would be happier if we see a retest of $33k,” wrote tracker Input Materials Indicators in a Daily X comment.
A snapshot of BTC/USDT order book liquidation showed support building at $35,000.
Next, Material Indicators founder Keith Allan added that Bitcoin's rising 21-day simple moving average (SMA) has been acting as support in recent days.
“BTC will continue to fight for the region 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 will break first?”
Prominent trader Daan CryptoTrades has similarly suggested $35,700 and $38,000 as the main downside and support levels to watch, respectively.
My view on #Bitcoin. Can't get any simpler than this range.
The low of ~$35.7K and high of ~$38K makes it clear which levels are the most important.
Anything in between will be a disappointment.
Get up to $30K bonus at Baybit: pic.twitter.com/B2jststQ7A
— Daan Crypto Trades (@DaanCrypto) November 17, 2023
Gaah, promoter of on-chain analytics platform CryptoQuant, warned that a downward correction could push the market closer to $30,000.
“As expected, $37k provides strong resistance to Bitcoin price!” Alongside his recent analysis, he spoke to X subscribers.
“Until $37k continues to offer price resistance, a large correction window is open to the bottom of the channel at $30.9k.”
Bitcoin dominance returns to 7-day high
Known for his bullish market, the well-known trader and analyst Trusted Crypto has struck a more optimistic note and sees the possibility of BTC price going higher in the current environment.
Related: No FOMO in Bitcoin Bull Market as BTC Price Approaches Key $39K Profit Zone
This is due to a significant rebound among altcoins, which underperformed Bitcoin on the day.
The largest altcoin Ether (ETH) is down 3.8% in 24 hours at the time of writing, XRP (XRP) is down 5% and Solana (SOL) is down 11%.
“Having pulled the reigns on alt, I feel $BTC is ready to do so,” Credible Crypto wrote in part of the Day X posts.
Bitcoin crypto market capitalization reached a one-week high of 52.82 percent.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
