BTC price is down 4% as Bitcoin Analysis shows the minimum amount above $33K.
Bitcoin (BTC) has seen continued deja vu BTC price action since the November 16 Wall Street open.
Analysis: Door open for BTC price correction
Data from Cointelegraph Markets Pro and TradingView followed Bitcoin down to $36,470 — down more than $1,000 on the day.
The landscape closely followed the events of earlier in the week, when bulls failed to break new highs for support and endured long drawdowns.
These were smaller gains on the day, with around $21 million worth of BTC longs cleared at the time of writing, according to data tracked by CoinGlass. In the year November 14, the sum reached 120 million dollars.
Commenting on the current situation, market participants have noted the repetitive nature of BTC's price action, which leaves room for both new highs and deep retracements.
A monitoring source at the chain said of Material Indicators: “While I am of the view that the market is headed for a correction, we still cannot rule out the possibility of another test at the $38k-40k range.” X post.
In the first place in the United States, a news report said that a Bitcoin exchange-traded fund “could be a catalyst for such activity”, but that time was running out thanks to regulatory deadlines.
Accompanying screenshot of BTC/USDT order book liquidation The sell-side liquidation price is available at $38,000, while the bid volume is only available at $33,000.
“If we go by the number of stop orders waiting to be filled, the path of least resistance is in $BTC,” continued anonymous trader Horse on the topic.
“My thinking is that this recent increase was easy due to the empty pockets left by liquidators and anyone waiting for the bait because they have been in the market for so long.”
Dollar weakness strengthens crypto outlook.
The macro picture was bleak as US dollar weakness re-entered, canceling the recovery from heavy rains on November 14.
Related: $48K Is Now ‘Reasonable' BTC Price Target – DecenTrader's Filbfilb
This comes on the back of US inflation data, which was surprisingly positive for risk assets.
The US dollar index (DXY) returned to 104 – its lowest level since early September.
“DXY got slaughtered today, I'd say surprised, but it's not really going down much,” noted trader Bluntz said in response to the earlier move.
“Don't underestimate how good this is for crypto.”
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.
