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BTC price liquidity is on the move as analysts say the Bitcoin “gameboard is changing” — another squeeze may result.
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Bitcoin
has new short-term BTC price targets as consolidation mixes with bouts of volatility.
has new short-term BTC price targets as consolidation mixes with bouts of volatility.
After a classic “short squeeze” took the largest cryptocurrency to near $36,000, Bitcoin market participants are highlighting key levels to look for from Nov. 8 onward.
Bitcoin buy liquidity inches down to $34,000
Bitcoin is facing hurdles overcoming resistance at the $36,000 mark, and several attempts to clear it have quickly faded, data from Cointelegraph Markets Pro and TradingView shows.
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Now, sellers are becoming active on intraday timeframes, and data from exchange order books shows the buy side getting cautious.
In a. Nov. 8 X post, on-chain monitoring resource Material Indicators highlighted support liquidity heading lower — from $34,500 to $34,000.
“The Bitcoin Gameboard is Changing,” it wrote in part of accompanying commentary.
A snapshot of the BTC/USDT order book on Binance also confirmed $36,000 receiving additional sell liquidity after declining during the prior day’s tap of $35,900. $40,000 remained the crunch psychological barrier.
BTC/USDT order book data for Binance. Source: Material Indicators/X
With $34,000 now a potential battleground should sell-side pressure push the market lower, popular trader Daan Crypto Trades eyed lines in the sand to the upside.
These came in the form of $35,000 and $35,000 — the site of liquidity that could serve to replicate the short squeeze should bulls gain the upper hand.
“Clear liquidation clusters located around $35K & $35.7K,” he wrote about Binance BTC/USDT perpetual swaps.
BTC/USDT perpetual swap liquidity chart. Source: Daan Crypto Trades/X
Summarizing the spot and perp status quo, fellow trader Skew concluded that spot bidders were needed to give the market a chance of further upside.https://cointelegraph.com/news/new-btc-price-levels-bitcoin-avoids-36k Source.
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