Bitcoin traders' BTC price dip targets now include $30.9K bottom
Bitcoin analysis points the way to the low $30,000s for a BTC price support retest....
- Bitcoin (BTC) reached $36,000 after the Nov. 16 Wall Street open, following a retracement from intraday highs of $36,600.
- Market participants were hoping for a deeper BTC price correction and a retest of lower levels.
- Support was seen building at $35,000, and Bitcoin's rising 21-day simple moving average (SMA) acted as support.
- Traders identified $35,700 and $38,000 as the main downside and upside levels to watch.
- There were warnings of a steeper correction that could bring the market closer to $30,000.
- Altcoins, including Ether (ETH), XRP (XRP), and Solana (SOL), underperformed compared to Bitcoin, leading to potential upside for BTC price.
- Bitcoin's crypto market cap dominance increased to one-week highs of 52.82%.
The sentiment in the article is mixed. Some market participants are hoping for a deeper BTC price correction, while others are more optimistic about potential upside.