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Analysts say that Bitcoin's "game board is changing" and its price liquidity is changing - potentially leading to another tightening.
After the classic "short squeeze" pushed the largest cryptocurrency to nearly $36000, Bitcoin market participants emphasized the key levels to look for starting from November 8th.
Bitcoin purchasing liquidity slightly reduced to $34000
According to data from CointelegraphMarketsPro and TradeView, Bitcoin is facing obstacles in overcoming the $36000 barrier resistance, and several attempts to clear this resistance level quickly disappeared.
Now, sellers have become active within the intraday time frame, and data from the exchange's order book shows that buyers have become cautious.
In one. After its release on November 8th, Material Indicators, an on chain monitoring resource, emphasized its support for a decrease in liquidity - from $34500 to $34000.
The Bitcoin game board is changing, "it wrote in an accompanying comment.
The snapshot of the BTC/USDT order book on Coin An also confirmed that after a drop of $35900 the previous day, $36000 gained additional selling liquidity. $40000 remains a key psychological barrier.
If seller pressure drives the market lower, $34000 will now become a potential battlefield, with popular trader DaanCryptoTrades focusing on the upward trend.
These funds come in the form of $35000 and $35000- if bulls have the upper hand, this liquidity can be used to replicate short squeeze.
The clear clearing cluster is located around $35000 and $35700, "he wrote of the Coin On BTC/USDT perpetual swap.
If either of these two levels is marked, some squeezing is expected
Trader Skew summarized the current situation of spot and perpetual contracts and concluded that spot bidders are needed to bring further upward opportunities to the market.
Analysis: BTC price scenario with the "most bearish" scenario of $33700
Meanwhile, trader and analyst CredibleCrypto expressed typical optimism that Bitcoin is unlikely to return below $33700.
He updated X subscribers with two BTC price scenarios and stated that $34500 would actually serve as a support level.
In my 'most pessimistic' low time frame scenario, I expect it to not fall below 33.7k, "he wrote.
In other words, regardless of the situation in the next few days, I think the downward space is extremely limited
CredibleCrypto added that there are expected to be hints about the outcome of the current situation within the next day or two.
As reported by Cointelgraph, the long-term price outlook of Bitcoin gives bulls reason to celebrate. Even the year-end target includes $45000 or more, and the upcoming halving of collective subsidies is itself a source of optimism.
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