Bitcoin (BTC) circled $36,000 after the Nov. 16 Wall Street open as analysis hoped for a deeper price comedown.

Bitcoin traders map out likely bottoms

Data from Cointelegraph Markets Pro and TradingView followed a retracement from intraday highs of $36,600.

Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels.

“Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k,” monitoring resource Material Indicators wrote in part of the day’s X commentary.

A snapshot of BTC/USDT order book liquidity showed support building at $35,000.

Continuing, Material Indicators co-founder Keith Alan added that Bitcoin’s rising 21-day simple moving average (SMA) had been functioning as support in recent days.

“BTC continues to fight for the range above $36.5k,” he commented.

“Local support is forming around the 21-Day MA which is currently around $35.7k. Which side do you think breaks first?”

Popular trader Daan Crypto Trades likewise flagged $

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Author: William Suberg

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