Bitcoin (BTC) moved $1,000 off weekly lows after the Nov. 22 Wall Street open as a easing BTC price bounce held firm.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin respects “very clear” key levels
Data from Cointelegraph Markets Pro and TradingView followed cryptocurrency markets as they recovered from the previous day’s decline.
As the dust continued to settle following the news that US lawmakers would fine Binance, the world’s largest exchange, $4.3 billion, Bitcoin traders watched the latest major price levels.
Daan Crypto Trades showed BTC/USD respecting a trading range in place for two weeks despite falling to $35,600 after the Binance event.
“Nice touch and bounce off the low range once again,” he told X subscribers in part of his last comment.
“It’s pretty clear that the most important levels are 35.7K and 38K in this area.”
BTC/USD range chart. Source: Daan Crypto Trades/X
The corridor between $35,000 and $38,000 was of equal interest to optimistic market participants awaiting the next leg of the Bitcoin bull market.
Among them was popular trader and analyst Credible Crypto, who predicted some range-bound activity ahead of a bullish “momentum.”
“As others have pointed out, the spot premium is back. There is definitely a bottom forming here in my opinion. That said, I think for now the upside is limited to about 37,000 and the downside to 35,000, as we form a small range here for a couple of days of accumulation before takeoff,” she explained that day.
“According to my chart in the cited tweet, I am looking to reach the lows of 35.5k before the conclusion of this accumulation phase and the start of the next push.”
BTC/USD liquidity data. Source: Credible Crypto/X
An accompanying chart of the Binance order book showed pockets of liquidity defining the possible highs and lows of the range.
BTC price 4-hour chart flashes
Fellow trader Jelle, also known for his long-term bullish outlook on Bitcoin, however warned that buyer interest must now solidify.
Related: How low can the price of Bitcoin go?
“While we never managed to break a single low, Bitcoin has work to do,” he said of the post-Binance 4-hour chart.
“For the first time in this consolidation we failed to reach a higher low and now we are also back below the key level. The bulls must intervene here.”
BTC/USD 4-hour chart. Source: Jelle/X
However, on longer time frames, Jelle saw a breakout of the so-called “cup and handle” pattern, with a BTC price target of $48,000 to match.
#Bitcoin cup and handle pattern broke out and surpassed the $30,000 resistance level!
Targets from here are $48,000 and new ATH https://t.co/VcSfEzGySa pic.twitter.com/XHzeMtuh1z
– Jelle (@CryptoJelleNL) November 22, 2023
Meanwhile, in its latest coverage of order book changes, tracking resource Material Indicators suggested that whale selling was still ongoing.
Despite this, the overall increase in liquidity was a bullish sign, he added in X’s comment.
Wake up to interesting activity in the #Bitcoin order book. #FireCharts 2.0 (beta) shows both bids and asks increasing, which is a sign of short-term optimism after yesterday’s drop. It’s no surprise, but what you can clearly see is different in this graph than… pic.twitter.com/xgJj8AytZe
– Material indicators (@MI_Algos) November 22, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
