Bitcoin Price Targets and Market Conditions
Bitcoin (BTC) has new short-term price targets as consolidation mixes with bouts of volatility. After a classic “short squeeze” took the largest cryptocurrency to near $36,000, Bitcoin market participants are highlighting key levels to look for from Nov. 8 onward.
Bitcoin buy liquidity inches down to $34,000
Now, sellers are becoming active on intraday timeframes, and data from exchange order books shows the buy side getting cautious. In an X post on the day, on-chain monitoring resource Material Indicators highlighted support liquidity heading lower — from $34,500 to $34,000. A snapshot of the BTC/USDT order book on Binance also confirmed $36,000 receiving additional sell liquidity after declining during the prior day’s tap of $35,900. $40,000 remained the crunch psychological barrier.
With $34,000 now a potential battleground should sell-side pressure push the market lower, popular trader Daan Crypto Trades eyed lines in the sand to the upside. These came in the form of $35,000 and $35,000 — the site of liquidity which could serve to replicate the short squeeze should bulls gain the upper hand.
“Clear liquidation clusters located around $35K & $35.7K,” he wrote about Binance BTC/USDT perpetual swaps.
Summarizing the spot and perp status quo, fellow trader Skew concluded that spot bidders were needed to give the market a chance of further upside.
Analysis: $33,700 “most bearish” BTC price scenario
In a characteristically optimistic take, trader and analyst Credible Crypto stated that Bitcoin returning below $33,700 was unlikely. Updating X subscribers on two BTC price scenarios, he suggested that $34,500 would in fact hold as support.
“In my ‘most bearish’ low timeframe scenario, I don’t expect we see below 33.7k,” he wrote.
Credible Crypto added that hints as to the outcome of current conditions should be expected within “the next day or two.”
Hot Take: Assessing Bitcoin’s Short-Term Prospects
The short-term prospects for Bitcoin’s price are being closely monitored following recent volatility and a classic “short squeeze.” Key support and resistance levels are being identified by market participants as Bitcoin’s price hovers around crucial psychological barriers. While some traders remain optimistic about Bitcoin’s ability to hold above certain support levels, others are cautious about potential downside risks. As conditions continue to unfold in the coming days, market participants are eagerly anticipating further clues about Bitcoin’s short-term direction.
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