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<div class="sg-post-des">
 Bitcoin remains prone to volatility, while further downside offers the "path of least resistance" for BTC price next, analysis warns.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) saw a classic pullback after the Nov. 16 Wall Street open as deja vu BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action continued.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/16/d8197d1daf6d83d90d34f42c6aab1fda.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 1-hour chart. Source: TradingView</em>
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 </figure>
 <h2 id="analysis-door-open-to-deeper-btc-price-correction">Analysis: Door open to deeper BTC price correction</h2>
 <p>Data from Cointelegraph Markets Pro and TradingView followed Bitcoin as it descended to $36,470 — down over $1,000 on the day.</p>
 <p>The landscape closely followed events from earlier in the week, where bulls failed to flip new highs to support and endured long liquidations.</p>
 <p>These were less present on the day, with around $21 million of BTC longs wiped out at the time of writing, per data from monitoring resource CoinGlass. On Nov. 14, the tally reached $120 million.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/16/d6b7613ec4fba655c1b9faa878e52542.webp">
  <figcaption style="text-align: center;"><em>BTC liquidations (screenshot). Source: CoinGlass</em>
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 <p>Commenting on the status quo, market participants noted the repetitive nature of BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action, which left the possibility for both new highs and a deeper retracement open.</p>
 <p>“While I maintain my view that the market is due for a correction, we still can't rule out the possibility of another attempt at the $38k - $40k range,” on-chain monitoring resource Material Indicators wrote in part of its latest X post.</p>
 <p>It added that news on the first United States Bitcoin spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> exchange-traded fund (ETF) “would be a likely catalyst for such a move,” but that time was running out for this thanks to regulatory time constraints.</p>
 <p>An accompanying snapshot of BTC/USDT order book <a rel="noopener noreferrer nofollow" title="liquidity" href="https://thebittimes.com/tag/liquidity.html">liquidity</a> showed sellside <a rel="noopener noreferrer nofollow" title="liquidity" href="https://thebittimes.com/tag/liquidity.html">liquidity</a> building at $38,000, with complementary bid volume only present at $33,000.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/16/bf04ee11f30f72a3b39a31c473b3d98e.webp">
  <figcaption style="text-align: center;"><em>BTC/USDT order book liquidity chart. Source: Material Indicators/X</em>
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 <p>“The path of least resistance is down for $BTC if we are going by the amount of resting orders waiting to get filled,” popular pseudonymous trader Horse continued on the topic.</p>
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  “My thinking is that this recent spike up was easy due to an empty pocket left by liquidations and that anyone waiting for the dip passively added long at market.”
 </blockquote>
 <h2 id="dollar-weakness-bolsters-crypto-outlook">Dollar weakness bolsters crypto outlook</h2>
 <p>The macro picture was cool on the day as U.S. dollar weakness reentered, cancelling out a recovery from a precipitous drop on Nov. 14.</p>
 <p><strong><em>Related:&nbsp;$48K is now ‘reasonable’ BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> target — DecenTrader’s Filbfilb</em></strong></p>
 <p>This came at the hands of U.S. inflation data, which came in more positive than expected in a complimentary surprise for risk assets.</p>
 <p>The U.S. dollar index (DXY) was back near 104 — near its lowest levels since the start of September.</p>
 <p>“DXY got slaughtered today, would say im surprised, but im not really, going much lower,” popular trader Bluntz reacted to the previous move.</p>
 <blockquote>
  “Don't underestimate how GOOD this is for crypto.”
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/16/2699ca007beea9f2f8ad58bd863f15fc.webp">
  <figcaption style="text-align: center;"><em>U.S. dollar index (DXY) 1-day chart. Source: TradingView</em>
  </figcaption>
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 <p class="post-content__disclaimer">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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-dips-4-as-bitcoin-analysis-reveals-low-liquidity-above-33k-tbt70564.html">https://thebittimes.com/btc-price-dips-4-as-bitcoin-analysis-reveals-low-liquidity-above-33k-tbt70564.html</a></p>

BTC price dips 4% as Bitcoin analysis reveals low liquidity above $33K

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