Bitcoin Sees Price Fluctuations Amid Volatility; Predicts Limited Downside
Summary:
Bitcoin is experiencing price fluctuations with potential short-term targets. There's decreased buy demand as Bitcoin struggles to surpass the $36,000 resistance level, leading to an increased caution among buyers. Analysts point to $34,000 as a contested point, while trader and analyst Credible Crypto suggests Bitcoin falling below $33,700 is unlikely. Long-term price projections remain hopeful, estimating Bitcoin could reach $45,000 or more by year end. However, every investment and trading decision entails inherent risks, implying the need for independent research before deciding.
Bitcoin (BTC) is experiencing fluctuating prices and is showing new short-term targets as volatility intertwines with static phases. Following a standardized "short squeeze" that elevated the biggest cryptocurrency to almost $36,000, Bitcoin market enthusiasts are marking significant price points to observe from Nov. 8 and beyond. Demand for buying Bitcoin drops slightly to $34,000 as Bitcoin grapples with barriers resisting its rise to $36,000, with multiple attempts at breaching it evaporating promptly, as illustrated by data from Cointelegraph Markets Pro and TradingView. Current indications show sellers activating on daily timeframes, and buyers showing an increasing level of caution. A recent update by on-chain monitoring resource, Material Indicators, showed support liquidity trending down — sliding from $34,500 to $34,000. According to a snapshot of the BTC/USDT order book on Binance, there is an increased selling liquidity at $36,000 after a decline during the previous day's tap of $35,900, with $40,000 presenting the critical psychological impediment.
With $34,000 potentially turning into a highly contested point if the sellers enforce market downward pressure, renowned trader Daan Crypto Trades is monitoring crucial points on the higher side. These critical points fall around $35,000 — a point of liquidity that may reiterate the short squeeze if bulls take command. As popular analysts assess the current market spot and perp situation, the community concludes that on-the-spot bidders are necessary for further market upliftment.
In a typically positive perspective, trader and analyst Credible Crypto suggested that Bitcoin slipping below $33,700 is not probable. Offering updates on two Bitcoin price scenarios, he proposes that $34,500 would act as a support. He stated, "In my 'most bearish' trading window scenario, I don't expect we go below 33.7k." He further explains that there's limited downside to Bitcoin's price, no matter how the next few days unfold. Credible Crypto anticipates that indicators of the outcome of the current market circumstances should emerge in "the next day or two."
In light of the forthcoming block subsidy halving and the optimism it inspires, long-term price projections are leading bulls to a celebratory state. As Cointelegraph reported, some end-of-year predictions forecast $45,000 or greater for Bitcoin. However, it's crucial to remember that this article doesn't furnish investment advice or suggestions, as every investment and trading move comes with inherent risks, and readers should independently research before making a decision.
Published At
11/8/2023 5:26:00 PM
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