Bitcoin's Price Comedown
Bitcoin (BTC) hovered around $36,000 after the Wall Street open on November 16, as traders anticipated a potential dip in BTC price.
Mapping Out Likely Bottoms
Analysts tracked a retracement from intraday highs of $36,600, with hopes of a fresh correction to test lower levels. Support was seen building at $35,000, according to a snapshot of BTC/USDT order book liquidity. Additionally, Bitcoin's rising 21-day simple moving average (SMA) has been functioning as support in recent days.
Upside and Downside Levels to Watch
Popular trader Daan Crypto Trades identified $35,700 and $38,000 as the main downside and upside levels to watch, respectively. However, fellow trader Gaah warned that a steeper correction could bring the market closer to $30,000.
Altcoin Pullback
With altcoins underperforming compared to Bitcoin, there was potential for BTC price upside. Largest altcoin Ether (ETH) was down 3.8% in 24 hours, XRP (XRP) was down 5%, and Solana (SOL) was nearly 11% lower.
Bitcoin's Market Dominance
Bitcoin's crypto market cap dominance reached one-week highs of 52.82%.
Note: This article does not provide investment advice. Readers should conduct their own research and exercise caution when making investment decisions.
