Bitcoin (BTC) has new near-term BTC price targets as consolidation mixes with bouts of volatility.
After a classic short squeeze took the largest cryptocurrency to nearly $36,000, Bitcoin market participants are highlighting key levels to look for starting November 8.
Bitcoin buys liquidity dips to $34,000
Bitcoin faces obstacles in overcoming resistance at the $36,000 mark, and several attempts to breach it have quickly failed, according to data from Cointelegraph Markets Pro and TradingView.
Now, sellers are becoming active on intraday time frames, and data from exchange order books shows that the buy side is becoming cautious.
In a. November 8, X post, on-chain monitoring resource Hardware Indicators Underlines support the decline in liquidity – from $34,500 to $34,000.
“The Bitcoin game board is changing,” he wrote in the accompanying commentary.
A snapshot of the BTC/USDT order book on Binance also confirmed $36,000 receiving additional sell liquidity following a decline during the previous day’s $35,900 faucet. $40,000 remained the crucial psychological barrier.
With $34,000 now a potential battleground if sell-side pressure pushes the market lower, popular trader Daan Crypto Trades observed the lines in the sand to the upside.
These came in the form of $35,000 and $35,000 – the liquidity site that could be used to replicate the short squeeze if the bulls took over.
“Clear liquidation clusters located around $35,000 and $35,700,” he said. wrote about Binance BTC/USDT perpetual swaps.
“Expect a slight squeeze to occur if either of these levels is marked.”
Summarizing the spot and perp status quo, fellow trader Skew concluded that spot buyers were needed to give the market a chance of further upside.
$BTC Market Data Thread
Binance Spot Order Book
Clear pricing range from a liquidity perspective after high volume spot buying yesterday
note the lack of spot volume currently
Binance Futures Order Book
very thick supply depth and high short float led to a short-term squeeze yesterday as… pic.twitter.com/OUzfdRdl9q
— Tilt Δ (@52kskew) November 8, 2023
Analysis: “most bearish” BTC price scenario of $33,700
At the same time, in a typically optimistic view, trader and analyst Credible Crypto said Bitcoin was unlikely to return below $33,700.
Related: Exchange Flow Gap Hits 10,000 BTC – 5 Things to Know About Bitcoin This Week
X subscribers update on two BTC price scenarios, it suggested this $34,500 would actually serve as support.
“In my most bearish scenario on a low period, I don’t expect a level below 33.7k,” he wrote.
“In other words, no matter how this plays out in the coming days, I think the downside is extremely limited.”
Credible Crypto added that clues on the outcome of current conditions should be expected in “a day or two.”
As Cointelegraph reported, the longer-term BTC price outlook gives bulls reason to rejoice. Even year-end goals include $45,000 or more, with the next block grant cutting in half a source of optimism in itself.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.