Bitcoin traders earmark key BTC price levels as $34K struggles to hold

1 year ago

Bitcoin (BTC) fell beneath $34,000 aft the Oct. 26 Wall Street unfastened arsenic consolidation astatine 17-month highs continued.

$33,000 becomes do-or-die BTC terms level

Data from Cointelegraph Markets Pro and TradingView showed BTC terms behaviour challenging intraday lows.

The largest cryptocurrency had attempted to propulsion higher inactive the time prior, but sell-side unit ensured that $35,200 remained untouched arsenic a ceiling.

“We are going to person to hold for immoderate candles to make to spot what the adjacent determination is, but we tin summation immoderate penetration by continuing to show liquidity placement successful the bid book,” monitoring assets Material Indicators wrote successful portion of its latest X update.

“Historically, the broadside with the heaviest attraction of liquidity closest to the progressive trading portion wins the conflict and close present those concentrations connected some sides are precise adjacent with a flimsy vantage to the bid side.”

Material Indicators flagged $33,000 arsenic the cardinal level to hold, arsenic “any wicks beneath that level earlier (or after) the Monthly candle adjacent would invalidate this effort astatine a Bull Market breakout.”

“Based connected however this marketplace tends to operate, I tin envision a abbreviated compression to $36k and perchance up to $40k earlier a dump, and I'll beryllium blessed to scalp immoderate agelong setups that travel my way, but remaining cautious until we retest $33k,” it added.

As Cointelegraph reported, $36,000 is already connected the radar arsenic a people to flooded arsenic portion of a breakout that could see $45,000 instrumentality adjacent month.

Other fashionable marketplace participants, including Michaël van de Poppe, laminitis of trading steadfast MNTrading, had akin BTC terms zones of interest.

Still absorbing to support an oculus connected #Bitcoin.

Fighting $34.7K arsenic resistance, done which a breakout determination should pb to $37-38K.

On the different hand, areas betwixt $32.6-33.1K, if we get there, areas of longing.

Corrections are usually rather swift successful upwards trends. pic.twitter.com/DTOYcoCQIK

— Michaël van de Poppe (@CryptoMichNL) October 26, 2023

“Current terms enactment is precise predatory,” fashionable trader Daan Crypto Trades continued successful portion of his ain analysis.

“Really punishing immoderate longs oregon shorts that are over-extending. Looks to beryllium successful chop mode wide until $33K oregon $35K breaks.”

An accompanying illustration tracked the ongoing relationship betwixt unfastened interest, oregon OI, and caller BTC terms “squeezes.”

No $20,000 CME spread fill?

Zooming out, trader and expert Credible Crypto, known for his optimistic takes connected the BTC terms outlook, took 1 bearish mentation successful peculiar to task.

This progressive concerns of a instrumentality to $20,000 — the tract of the lone adjacent "gap" successful CME Group Bitcoin futures markets.

As Cointelegraph reported, these gaps form erstwhile BTC/USD starts a caller week successful a antithetic spot to wherever it traded the Friday prior, and the effect is often a magnet for the market.

Some judge that $20,000 is precise overmuch connected the cards owed to the gap, but Credible Crypto told X subscribers not to hold for capitulation.

"I said immoderate months agone that we would apt permission that spread behind," helium commented, adding that "gaps are often near unfilled during parabolic advances."

He linked to a illustration showing humanities gaps primitively uploaded successful March this year.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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