Bitcoin (BTC) saw a relief bounce that held firm, taking its price $1,000 off weekly lows after the Nov. 22 Wall Street open.
Bitcoin respects “very clear” key levels
Data from Cointelegraph Markets Pro and TradingView showed that crypto markets were recovering from a sudden drop the day before.
As the market reacted to the announcement that the world’s largest exchange Binance would pay the US Department of Justice $4.3 billion, Bitcoin traders kept an eye on the most important price levels.
Daan Crypto Trades noticed that BTC/USD had been in a trading range for two weeks, despite dropping to $35,600 following the Binance news.
“Nice tap and bounce of the range low yet again,” he said to his X (formerly Twitter) followers.
Traders and analysts who are optimistic about the future of Bitcoin were also interested in the corridor between $35,000 and $38,000.
Credible Crypto predicted that there would be some rangebound activity before a “impulse” move higher.
“As others have pointed out- spot premium is back. Def a bottom forming here imo. That being said, think for now upside is capped at around 37k and downside capped at 35k as we form a little range here for a couple days of accumulation before liftoff,” he said.
A chart of the Binance order book showed the differences between web 1.0, 2.0 and 3.0, which defined the likely range highs and lows.
BTC price 4-hour chart flashes
Fellow trader Jelle, also known for his bullish longer-term outlook on Bitcoin, nonetheless cautioned that buyer interest must now solidify.
Jelle noted that, despite not taking out a single low, Bitcoin still has work to do on the 4-hour chart post-Binance.
On longer timeframes, however, he detected a breakout from a so-called “cup and handle” pattern — with a $48,000 BTC price target to match.
Material Indicators, which monitors order book changes, reported that whale selling is still ongoing.
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