Bitcoin Price Analysis: Traders Speculate on BTC’s Potential Bottom
Bitcoin (BTC) briefly reached $36,000 after the Wall Street open on November 16, causing analysts to speculate about a potential price comedown. Traders were hoping for a deeper correction in BTC’s price, as the cryptocurrency failed to establish a breakout beyond its 18-month highs during the week.
Mapping Out Likely Bottoms
Data from Cointelegraph Markets Pro and TradingView showed a retracement from BTC’s intraday highs of $36,600. Some market participants were hoping for a fresh correction to retest lower levels, with support building at $35,000 according to a snapshot of the BTC/USDT order book liquidity.
Keith Alan, co-founder of Material Indicators, noted that Bitcoin’s rising 21-day simple moving average (SMA) had been acting as support in recent days. He commented that BTC was fighting for the range above $36.5k, with local support forming around the 21-Day MA at around $35.7k. Traders were left to speculate on which side would break first.
Another popular trader, Daan Crypto Trades, highlighted $35,700 and $38,000 as the main downside and upside levels to watch respectively. He emphasized that anything in between would be choppy.
Fellow trader Gaah from CryptoQuant warned that a steeper correction could bring the market closer to $30,000. He observed that $37k offered strong resistance for Bitcoin’s price and suggested that a larger correction to the bottom of the channel at $30.9k was still possible as long as the resistance at $37k persisted.
Bitcoin Dominance Returns to One-Week High
On a more positive note, trader and analyst Credible Crypto saw potential for BTC price upside as altcoins experienced a pullback compared to Bitcoin. The largest altcoin, Ether (ETH), was down 3.8% in 24 hours, while XRP (XRP) and Solana (SOL) also saw significant declines. Credible Crypto stated that he had pulled back on altcoins and believed that Bitcoin was ready to make its move.
Bitcoin’s dominance in the crypto market increased to reach one-week highs of 52.82%.
Disclaimer: 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.
