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BTC price bounces 3% post Binance amid call for Bitcoin bulls to ‘step in’

November 22, 2023No Comments

Bitcoin (btc) traded $1,000 off weekly lows after the Nov. 22 Wall Street open as a relief bounce in BTC price held firm.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin respects "very clear" key levels

Data of Markets Cointelegraph Pro and TradingView It followed cryptocurrency markets as they recovered from the previous day's drop.

As the dust continued to settle on the news that the largest global exchange, Binance, reach an agreement with the United States Department of Justice At $4.3 billion, Bitcoin traders eyed the latest major price levels.

Daan Crypto Trades showed BTC/USD respecting a trading range in place for two weeks despite falling to $35,600 after the Binance event.

"Nice touch and bounce from the low range once again," he said. said X (formerly Twitter) subscribers in part of his last comment.

"It's pretty clear that the most important levels are 35.7K and 38K in this area."

BTC/USD range chart. Source: Daan Crypto Trades/X

The corridor between $35,000 and $38,000 was of equal interest to optimistic market participants awaiting the next leg of the Bitcoin bull market.

Among them was popular trader and analyst Credible Crypto, who predicted some range-bound activity ahead of a bullish “momentum.”

“As others have pointed out, the spot premium is back. There is definitely a bottom forming here in my opinion. That said, I think for now the upside is limited to around 37,000 and the downside to 35,000 as we form a small range here for a couple of days of accumulation before liftoff,” she said. explained up to date.

"According to my chart in the cited tweet, I am looking to reach the lows of 35.5k before the conclusion of this accumulation phase and the start of the next push."

BTC/USD liquidity data. Source: Credible Crypto/X

An accompanying chart of the Binance order book showed pockets of liquidity defining the possible highs and lows of the range.

BTC price 4-hour chart flashes

Fellow trader Jelle, also known for his long-term bullish outlook on Bitcoin, however warned that buyer interest must now solidify.

Related: How low can the price of Bitcoin go?

“While we never broke a single low, Bitcoin has work to do,” he said. saying on the 4-hour chart after Binance.

“For the first time in this consolidation we failed to reach a higher low and now we are also back below the key level. The bulls must intervene here.”

BTC/USD 4-hour chart. Source: Jelle/X

However, on longer time frames, Jelle saw a breakout of the so-called “cup and handle” pattern, with a BTC price target of $48,000 to match.

Meanwhile, in its latest coverage of order book changes, tracking resource Material Indicators suggested that whale selling was still ongoing.

Despite this, the overall increase in liquidity was a bullish sign, he added in X's comment.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.