Bitcoin Bounces Back After Wall Street Open: BTC Price Analysis
Bitcoin (BTC) saw a $1,000 recovery from its weekly lows after the Wall Street open on November 22nd, as a relief bounce in BTC price held steady.
Data from Cointelegraph Markets Pro and TradingView observed the crypto markets as they recovered from the previous day’s downward movement. Despite the news that Binance, the largest global exchange, would be fined $4.3 billion by United States lawmakers, Bitcoin traders focused on the important price levels.
Daan Crypto Trades noted that BTC/USD respected a trading range that had been in place for two weeks, even after dipping to $35,600 following the Binance event. He stated, “Nice tap and bounce of the range low yet again. Pretty clear that the most important levels are 35.7K and 38K in this area.”
The corridor between $35,000 and $38,000 was of particular interest to optimistic market participants who were waiting for the next stage of the Bitcoin bull run. Credible Crypto, a popular trader and analyst, predicted some rangebound activity before an upward impulse. He explained, “As others have pointed out- spot premium is back. Def a bottom forming here imo. That being said, think for now upside is capped at around 37k and downside capped at 35k as we form a little range here for a couple days of accumulation before liftoff.”
Another trader, Jelle, known for his bullish long-term outlook on Bitcoin, cautioned that buyer interest must now solidify. He stated, “While we never took out a single low, Bitcoin has work to do. For the first time in this consolidation, we failed to make a higher low – and now we’re also back below the key level. Bulls need to step in here.”
On longer timeframes, Jelle spotted a breakout from a “cup and handle” pattern, with a $48,000 BTC price target.
Material Indicators, a monitoring resource, suggested that whale selling was still ongoing. Despite this, the overall increase in liquidity was seen as a bullish sign.
This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
