Bitcoin traders map out likely bottoms
“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.
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.
“Local support is forming around the 21-Day MA which is currently around $35.7k. Which side do you think breaks first?”
Popular trader Daan Crypto Trades likewise flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively.
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.
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.
“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.”
Bitcoin dominance returns to 7-day high
This was due to a marked pullback among altcoins, which underperformed compared to Bitcoin on the day.
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