Bitcoin (BTC) reached $36,000 after the Nov. 16 Wall Street open as analysts expected a further price decline. This was a retracement from intraday highs of $36,600, as Bitcoin failed to establish a breakout beyond 18-month highs during the week. Market participants anticipated a fresh correction to retest lower levels, with some hoping for a retest of $33k.
A snapshot of BTC/USDT order book liquidity showed support building at $35,000. Material Indicators co-founder Keith Alan indicated that Bitcoin’s rising 21-day simple moving average (SMA) had been functioning as support in recent days. Popular trader Daan Crypto Trades identified $35,700 and $38,000 as the main downside and upside levels to watch.
Fellow trader Gaah, a contributor to on-chain analytics platform CryptoQuant, warned that a steeper correction could take the market closer to $30,000.
Bitcoin dominance returned to a seven-day high, as altcoins underperformed compared with Bitcoin. Ether (ETH), the largest altcoin, was down 3.8% in 24 hours, while XRP was down 5%, and Solana’s SOL nearly 11% lower. Popular trader and analyst Credible Crypto saw potential for BTC price upside due to the marked pullback among altcoins, indicating that Bitcoin’s crypto market cap dominance increased to hit one-week highs of 52.82%.
The analysis of Bitcoin’s price movements and market trends provides insight for traders and investors to make informed decisions. The presence of strong support at $35,000 and the indication of Bitcoin’s rising 21-day SMA as a potential area of support offer valuable information to assess the market sentiment. Additionally, the comparison of Bitcoin’s performance against altcoins and the observation of Bitcoin dominance reaching one-week highs provide a comprehensive view of the cryptocurrency market.
It is essential to note that this article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Given the dynamic nature of the cryptocurrency market, continuous monitoring of price fluctuations, technical indicators, and market sentiment is crucial for informed investment decisions. As the market awaits potential price movements, traders and investors should remain vigilant and adapt their strategies accordingly. Overall, the comprehensive analysis of Bitcoin’s price action and market trends offers valuable insights for market participants to navigate the cryptocurrency landscape with confidence and informed decision-making.
