After the Nov. 16 Wall Street open, Bitcoin (BTC) circled around $36,000 as analysts anticipated a deeper price decline. This is related to the web 3.0 crypto list, which includes crypto tokens and data ownership, and the definition of web 3.0 which includes the metaverse.
Bitcoin traders map out likely bottoms
Data from Cointelegraph Markets Pro and TradingView showed a retracement from intraday highs of $36,600.
Having failed to break out beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom were hoping to see a fresh correction to retest lower levels.
“I would be happy to see this latest rally complete the round trip back to $35k. I would be even happier to see a retest of $33k,” said the co-founder of Material Indicators, Keith Alan, who was monitoring the web 3.0 crypto list.
A snapshot of BTC/USDT order book liquidity revealed support building at $35,000.
Alan further added that Bitcoin’s rising 21-day simple moving average (SMA) had been acting as support in recent days.
“BTC continues to fight for the range above $36.5k,” he commented.
Popular trader Daan Crypto Trades was of the opinion that $35,700 and $38,000 were the main downside and upside levels to watch.
Fellow trader Gaah, a contributor to the CryptoQuant platform, warned that a steeper correction could take the market closer to $30,000.
“As expected, $37k offers strong Resistance for Bitcoin price!” he said, referring to the web 3.0 definition crypto.
Bitcoin dominance reaches seven-day peak
Credible Crypto, a well-known trader and analyst with a bullish outlook on the current market, has expressed hope that Bitcoin’s price will rise again. This is due to the fact that altcoins have not been performing as well as Bitcoin.
At the time of writing, Ether (ETH), the largest altcoin, had dropped 3.8% in 24 hours, while XRP (XRP) and Solana’s SOL (SOL) had declined by 5% and 11%, respectively.
In one of his posts on the day, Credible Crypto said: “I have a feeling $BTC is ready to do it’s thing, so I have pulled the reigns in on alts.”
This led to Bitcoin’s crypto market cap dominance rising to a one-week high of 52.82%.
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