BTC price liquidity is on the move as analysts say the Bitcoin “gameboard is changing” — another squeeze may result.
has new short-term BTC price targets as consolidation mixes with bouts of volatility.
After a classic “short squeeze” took the largest cryptocurrency to near $36,000, Bitcoin market participants are highlighting key levels to look for from Nov. 8 onward.
Now, sellers are becoming active on intraday timeframes, and data from exchange order books shows the buy side getting cautious.
In a. Nov. 8 X post, on-chain monitoring resource Material Indicators highlighted support liquidity heading lower — from $34,500 to $34,000.
“The Bitcoin Gameboard is Changing,” it wrote in part of accompanying commentary.
A snapshot of the BTC/USDT order book on Binance also confirmed $36,000 receiving additional sell liquidity after declining during the prior day’s tap of $35,900. $40,000 remained the crunch psychological barrier.
With $34,000 now a potential battleground should sell-side pressure push the market lower, popular trader Daan Crypto Trades eyed lines in the sand to the upside.
These came in the form of $35,000 and $35,000 — the site of liquidity that could serve to replicate the short squeeze should bulls gain the upper hand.
“Clear liquidation clusters located around $35K & $35.7K,” he wrote about Binance BTC/USDT perpetual swaps.
“Expect a bit of a squeeze to occur if either of these levels are tagged.”
Summarizing the spot and perp status quo, fellow trader Skew concluded that spot bidders were needed to give the market a chance of further upside.
In a characteristically optimistic take, meanwhile, trader and analyst Credible Crypto stated that Bitcoin returning below $33,700 was unlikely.
Updating X subscribers on two BTC price scenarios, he suggested that $34,500 would, in fact, hold as support.
“In my ‘most bearish’ low timeframe scenario, I don’t expect we see below 33.7k,” he wrote.
“In other words- no matter how this plays out in the coming days I think downside is extremely limited.”
Credible Crypto added that hints as to the outcome of current conditions should be expected within “the next day or two.”
As Cointelegraph reported, longer-term BTC price perspectives give bulls cause for celebration. Even year-end targets include $45,000 or more, with the upcoming block subsidy halving a source of optimism in itself.