Bitcoin

Resistance

Material

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 Bitcoin is giving many traders a feeling that a support retest could be next, but BTC price strength is winning out over altcoins.
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 Bitcoin (BTC) circled $36,000 after the Nov. 16 Wall Street open as <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> hoped for a deeper BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> comedown.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/17/83c570faf5cebf46353990e8dd7f95ee.webp">
 <figcaption style="text-align: center;">BTC/USD 1-day chart. Source: TradingView
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 <h2 id="bitcoin-traders-map-out-likely-bottoms">Bitcoin traders map out likely bottoms</h2>
 Data from Cointelegraph Markets Pro and TradingView followed a retracement from intraday highs of $36,600.
 Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels.
 “Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k,” monitoring resource Material Indicators wrote in part of the day’s X commentary.
 A snapshot of BTC/USDT order book liquidity showed support building at $35,000.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/17/b9fcb4eb0d76ecc45b4ee6688368a373.webp">
 <figcaption style="text-align: center;">BTC/USDT order book data. Source: Material Indicators/X
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 Continuing, Material Indicators co-founder Keith Alan added that Bitcoin’s rising 21-day simple moving average (SMA) had been functioning as support in recent days.
 “BTC continues to fight for the range above $36.5k,” he commented.
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 “Local support is forming around the 21-Day MA which is currently around $35.7k. Which side do you think breaks first?”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/11/17/5956f8aa41a56c233e88eee090b5a6b5.webp">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart with 21-day MA. Source: TradingView
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 Popular <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Daan Crypto Trades likewise flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively.
 <blockquote class="twitter-tweet">
 My view on #Bitcoin. Can't make it easier than this range. Pretty clear which levels are most important here being the ~$35.7K low and ~$38K high. Anything in between will be choppy. Get up to a $30K Bonus on Bybit: https://t.co/rIxsG0GIWl pic.twitter.com/B2jststQ7A— Daan Crypto Trades (@DaanCrypto) November 17, 2023
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 Fellow trader Gaah, a contributor to on-chain analytics platform CryptoQuant, meanwhile warned that a steeper correction could take the market closer to $30,000.
 “As expected $37k offers strong Resistance for Bitcoin price!” he told X subscribers alongside his latest analysis.
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 “The window for a larger correction to the bottom of the channel at $30.9k is still open as long as $37k continues to offer Resistance for the price.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/11/17/13ea035c23600581872aecf82294ca15.webp">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source: Gaah/X
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 <h2 id="bitcoin-dominance-returns-to-7-day-high">Bitcoin dominance returns to 7-day high</h2>
 Striking a more optimistic tone, popular <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> and analyst Credible Crypto, known for his bullish market takes in the current environment, saw potential for BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> upside to reenter next.
 Related:&nbsp;Bitcoin bull market FOMO absent as BTC price nears key $39K profit zone
 This was due to a marked pullback among altcoins, which underperformed compared to Bitcoin on the day.
 Largest altcoin Ether (ETH) was down 3.8% in 24 hours at the time of writing, while XRP (XRP) was down 5% and Solana (SOL) nearly 11% lower.
 “Pulled the reigns in on alts, I have a feeling $BTC is ready to do it's thing,” Credible Crypto wrote in part of the day’s X posts.
 Bitcoin’s crypto market cap dominance increased to hit one-week highs of 52.82%.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/17/ed48e021e0a0592d2f5d0f6ca17425af.webp">
 <figcaption style="text-align: center;">Bitcoin market cap dominance 1-day chart. Source: TradingView
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 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.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-traders-btc-price-dip-targets-now-include-30-9k-bottom-tbt70712.html">https://thebittimes.com/bitcoin-traders-btc-price-dip-targets-now-include-30-9k-bottom-tbt70712.html</a>

Bitcoin traders' BTC price dip targets now include $30.9K bottom

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