New BTC Price Levels to Watch as Bitcoin Saves $36K
Bitcoin (BTC) has new short-term BTC price targets as consolidation mixes with volatility.
After a classic “short squeeze” took the largest cryptocurrency to $36,000, Bitcoin market participants are highlighting key levels to look for from November 8.
Bitcoin buys liquid inches up to $34,000.
Bitcoin is facing a hurdle to overcome resistance at $36,000, and several attempts to clear it have faded quickly, according to data from Cointelegraph Markets Pro and TradingView.
Now, sellers are becoming more active in intraday timeframes, and data from exchange books shows that the buy side is becoming cautious.
as if. In the year November 8 X post, tracking material indicators on the chain have made the support liquidity lower – from $34,500 to $34,000.
“The Bitcoin game board is changing,” wrote an accompanying comment.
A snapshot of the BTC/USDT order book on Binance also revealed an additional $36,000 in selling volume, down from the previous day's $35,900 tap. The $40,000 rush has been a psychological barrier.
At $34,000 now a potential battleground should be sold: sideways pressure should push the market lower, noted trader Daan Crypto Trades looked up at the lines in the sand.
These came in the form of $35,000 and $35,000 – the liquid position bulls should dominate to help repeat the short squeeze.
“Clear liquidity pools around $35k and $35.7k,” he wrote about the Binance BTC/USDT Perpetual Swap.
“If any of these levels are tagged, expect a bit of a squeeze.”
Summarizing the position and the actual situation, another trader concluded that position bids are needed to give the Skew market a chance to reverse further.
$BTC market data thread
Binance spot order book
After buying a large amount of space yesterday, clear the specified region from liquidity
Notice the lack of space at the moment
Binance Futures Order Book
Very thick bid depth and high short float to short squeeze yesterday as… pic.twitter.com/OUzfdRdl9q
— Skew Δ (@52kskew) November 8, 2023
Analysis: $33,700 “very bearish” BTC price scenario
In a characteristically optimistic view, trader and analyst Credible Crypto said, Bitcoin is unlikely to return below $33,700.
Related: Exchange Flow Gap Hits 10K BTC – 5 Things to Know in Bitcoin This Week
Updating X subscribers on two BTC price scenarios, suggests that $34,500 actually holds as support.
“In my ‘very bullish' lower timeframe, I don't expect to see below 33.7k,” he wrote.
“In other words – no matter how much this works in the coming days, I think the downside is very limited.”
Credible Crypto added that clues about the outcome of current conditions should be expected in the “next day or two.”
As Cointelegraph reports, the long-term BTC price outlook gives bulls reason for celebration. Even year-end targets include $45,000 or more, with the incoming block grant itself cutting that source of optimism in half.
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.
