As Bitcoin (BTC) danced around the $36,000 mark post-Wall Street open on November 16, traders were left to analyze this price waltz with both hope and trepidation. After a short climb to $36,600, the crypto titan found itself unable to break above its 18-month highs, leading to a collective sigh from market participants.
Current Assessment of Bitcoin’s Price Movements
In recent analysis, sources have pointed to the anticipated retracement that may follow. Material Indicators weighed in with a hope that BTC could return to $35,000, and perhaps even slide down to $33,000. The order book liquidity for BTC/USDT suggests a solid cushion at $35,000, which might soften the fall if things go south.
Technical Indicators: The Numbers Game
Keith Alan, co-founder of Material Indicators, has stated that Bitcoin’s 21-day simple moving average (SMA) has turned into a reliable support system lately. At present, this moving average flirts with approximately $35.7K, providing an interesting pivot point.
- Resistance Levels: Upward at around $38,000.
- Support Levels: Downward around $35,700.
- Potential Bottoms: Hints of a return to the elusive $30K mark.
Traders Weigh In: Opinions from the Cryptosphere
Highlighted voices in the trading community have started to chime in. Daan Crypto Trades noted that navigating through the $35.7K low to the $38K high is key. Rides between these levels appear to be filled with choppy waters, like a day out fishing with nothing biting.
Meanwhile, Gaah from CryptoQuant warned us about the grim prospect of a more profound correction, placing possible support at around $30,900, should the $37,000 level decide to play the stubborn child.
Bitcoin’s Dominance: The King is Back
Against a backdrop of altcoins stumbling like kids on roller skates, Bitcoin’s market cap dominance has nudged back up to 52.82%. Analyst Credible Crypto expressed bullish optimism, suggesting that with altcoins lagging, Bitcoin might just be poised to take center stage again.
Conclusion: The Future is Unwritten
No one has a crystal ball when it comes to cryptocurrency, and this article is no investment advice. Each twist and turn in the market is fraught with risk, but as always, the crypto sector thrives on this volatility. Keeping an open mind and watching those critical levels is key for traders and investors alike.
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