New BTC price levels to watch as Bitcoin avoids $36K
The price of Bitcoin, currently hovering around $36,632, is experiencing fluctuations, and traders are eager to turn the $36,000 level into support. Glassnode analysis suggests that Long-Term Holders, addresses holding Bitcoin for at least 155 days, are near an all-time high, indicating robust supply. On the other hand, Short-Term Holders, addresses with coins held for less than 155 days, are near an all-time low, signifying tightening Bitcoin supply. The Bitcoin derivatives market shows a substantial increase in open interest, surpassing $16 billion, raising concerns about a potential market-wide correction. Analysts point out that previous instances of open interest exceeding $12.2 billion have resulted in at least a 20% dip. While Bitcoin faces short-term uncertainty, some traders are turning to select altcoins, which have witnessed strong rallies. Altcoins have broken out of long basing patterns and are showing signs of initiating a new uptrend. The focus remains on critical support levels for Bitcoin and the sustainability of the altcoin rally.
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Bitcoin is grappling with resistance around the $36,000 mark, facing challenges to surpass it, leading to increased activity from sellers. On-chain monitoring data highlights a decline in support liquidity from $34,500 to $34,000. The BTC/USDT order book on Binance indicates additional sell liquidity at $36,000, with $40,000 identified as a crucial psychological barrier. Traders are eyeing potential battlegrounds, such as $34,000 and $35,000, with the latter expected to trigger a short squeeze if breached. Despite short-term uncertainties, analysts remain optimistic, with $33,700 seen as the most bearish scenario, and a potential support at $34,500.
