Bitcoin Holds Steady Around $36,000 as Altcoins Stumble; BTC Dominance Hits One-Week High
Summary:
Bitcoin remains steady around $36,000 as experts speculate a potential price reduction. While no significant breakthrough beyond the 18-month high was observed, analysts predict a possible retest of lower levels. Some market insiders expect Bitcoin to complete its current rally at $35,000, with primary areas of decline and surge identified at $35,700 and $38,000, respectively. Despite altcoins experiencing a noticeable setback, Bitcoin's dominance in the digital currency market hits a one-week high of 52.82%.
Bitcoin showed signs of steadiness around the $36,000 mark following Wall Street's opening on Nov. 16, encouraging experts to speculate about potential reduction in the BTC price. Figures provided by Cointelegraph Markets Pro and TradingView across the day hinted at a pullback from highs of $36,600 reached earlier in the day.
Throughout the week, Bitcoin had been stagnant, failing to break its 18-month record highs. This became cause of minor concern among investors some of whom were anticipating a fresh pullback to re-evaluate the lower thresholds. Material Indicators, a market analysis platform, noted its desire to witness Bitcoin's newest rally complete its cycle back to $35,000, or preferably, see a reevaluation of $33,000. Following these observations, the BTC/USDT exchange revealed a developing support structure at $35,000.
Keith Alan, the co-founder of Material Indicators, pointed out Bitcoin's 21-day simple moving average (SMA) showed steady growth and resistance to downward pressure. He noted local support forming around the 21-day moving average, roughly around $35,700.
Daan Crypto Trades, a renowned cryptocurrency trader, singled out $35,700 and $38,000 to be the primary areas to monitor for decline and surge respectively. Gaah, a CryptoQuant contributor observed that a more considerable correction could push the market to hover closer to the $30,000 region, as long as the $37,000 mark continues to offer resistance.
Countering the sceptical predictions, Credible Crypto, a well-known analyst in cryptocurrency, sounded a more hopeful note, predicting a potential upside growth for BTC. This optimism stemmed from the noticeable setbacks suffered by other cryptocurrencies as compared to Bitcoin. Ether (ETH), the second-largest cryptocurrency by market capitalisation, witnessed a decline of 3.8% over a 24 hour duration. Similarly, XRP was down by 5%, and Solana (SOL) plunged by nearly 11%.
Bitcoin managed to increase its footprints in the digital currency market, achieving a one-week high of 52.82% dominance. This news piece does not encourage any financial investment or trading move. Each investment exposes you to a certain level of risk, hence, readers are advised to carry out their independent research before taking a decision.
Published At
11/17/2023 4:24:58 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.