Bitcoin traders’ BTC price dip targets now include $30.9K bottom

    2023.11.18 | exchangesranking | 260onlookers

    Bitcoin (BTC) circled $36,000 after the Nov. 16 Wall Street open as analysis hoped for a deeper price comedown.

    BTC/USD 1-day chart. Source: TradingView

    Bitcoin traders map out likely bottoms

    Data from Cointelegraph Markets Pro and TradingView followed a retracement from intraday highs of $36,600.

    Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels.

    “Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k,” monitoring resource Material Indicators wrote in part of the day’s X commentary.

    A snapshot of BTC/USDT order book liquidity showed support building at $35,000.

    BTC/USDT order book data. Source: Material Indicators/X

    Continuing, Material Indicators co-founder Keith Alan added that Bitcoin’s rising 21-day simple moving average (SMA) had been functioning as support in recent days.

    “BTC continues to fight for the range 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 breaks first?”
    BTC/USD 1-hour chart with 21-day MA. Source: TradingView

    Popular trader Daan Crypto Trades likewise flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively.

    Fellow trader Gaah, a contributor to on-chain analytics platform CryptoQuant, meanwhile warned that a steeper correction could take the market closer to $30,000.

    “As expected $37k offers strong Resistance for Bitcoin price!” he told X followers alongside his latest analysis.

    “The window for a larger correction to the bottom of the channel at $30.9k is still open as long as $37k continues to offer Resistance for the price.”
    BTC/USD annotated chart. Source: Gaah/X

    Bitcoin dominance returns to seven-day high

    Striking a more optimistic tone, popular trader and analyst Credible Crypto, known for his bullish market takes in the current environment, saw potential for BTC price upside to reenter next.

    Related: Bitcoin bull market FOMO absent as BTC price nears key $39K profit zone

    This was due to a marked pullback among altcoins, which underperformed compared with Bitcoin on the day. 

    Ether (ETH), the largest altcoin, was down 3.8% in 24 hours at the time of writing, while XRP (XRP) was down 5% and Solana’s SOL (SOL) nearly 11% lower.

    “Pulled the reigns in on alts, I have a feeling $BTC is ready to do it’s thing,” Credible Crypto wrote in part of the day’s X posts.

    Bitcoin’s crypto market cap dominance increased to hit one-week highs of 52.82%.

    Bitcoin market cap dominance 1-day chart. Source: TradingView

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