Bitcoin traders’ BTC price dip targets now include $30.9K bottom
Bitcoin's recent price movements are creating a sense among many traders that a retest of support levels might be on the horizon. However, the prevailing strength in Bitcoin's price is outperforming many altcoins in the market. As Bitcoin experiences fluctuations, there is a growing sentiment among traders that a retest of support levels may be imminent. Despite this, the overall robustness of Bitcoin's price is overshadowing the performance of numerous altcoins, indicating a focus on Bitcoin's stability in the current market dynamics.
Bitcoin (BTC) retraced to the $36,000 level after the Nov. 16 Wall Street open, disappointing some analysts who were hoping for a deeper correction. Despite failing to break out beyond 18-month highs earlier in the week, Bitcoin's price remained resilient, with traders expressing a desire for a fresh correction to test lower levels. Some analysts pointed to potential support around $35,000, with the order book liquidity reflecting the building of support at this level. The 21-day simple moving average (SMA) served as support in recent days, with Bitcoin fighting to maintain the range above $36,500. Traders identified $35,700 and $38,000 as key downside and upside levels, respectively, with the possibility of a larger correction toward $30,000 still on the table. Meanwhile, Bitcoin dominance returned to a seven-day high of 52.82%, as altcoins experienced a pullback compared to Bitcoin's resilience. Popular analyst Credible Crypto expressed optimism about BTC's potential upside, given the underperformance of altcoins, signaling a potential market shift. Altcoins like Ether (ETH), XRP, and Solana (SOL) experienced declines of 3.8%, 5%, and nearly 11%, respectively.