Bitcoin Faces Resistance at $36,000 as Consolidation and Volatility Mix

Bitcoin (BTC) has set new short-term price targets as it navigates through a period of consolidation and bouts of volatility. Market participants are closely watching key levels to look for from November 8 onwards, following a classic "short squeeze" that pushed the largest cryptocurrency near $36,000.

Key Levels and Market Activity

Bitcoin is currently facing hurdles in overcoming resistance at the $36,000 mark. Data from Cointelegraph Markets Pro and TradingView shows that several attempts to clear this level have quickly faded. Sellers are now becoming active on intraday timeframes, and data from exchange order books indicates caution on the buy side.

On-chain monitoring resource Material Indicators highlighted a decrease in support liquidity from $34,500 to $34,000. In addition, the BTC/USDT order book on Binance confirmed that $36,000 is receiving additional sell liquidity. The psychological barrier of $40,000 remains a significant challenge.

Potential Battleground and Upside Targets

With $34,000 now a potential battleground if sell-side pressure pushes the market lower, trader Daan Crypto Trades has identified key levels to watch on the upside. These levels are $35,000 and $35,700, where liquidity is located and could potentially trigger a short squeeze if bulls gain control.

Summarizing the current state of the spot and perpetual futures markets, fellow trader Skew noted that spot bidders are needed to give the market a chance of further upside.

Price Scenarios and Outlook

Trader and analyst Credible Crypto provided two BTC price scenarios for subscribers. He suggested that $34,500 would hold as support, even in the "most bearish" low timeframe scenario. Credible Crypto also mentioned that the outcome of current conditions should become apparent within the next day or two.

In the longer term, there is cause for celebration among bulls as year-end targets for Bitcoin include $45,000 or more. The upcoming block subsidy halving is seen as a source of optimism.

Note: This article does not provide investment advice or recommendations. Readers are encouraged to conduct their own research before making any investment or trading decisions.