Bitcoin circled $96,000 on Nov. 29 as a “fantastic” support retest gave way to consolidation.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin holds ground after bulls protect $90,000
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) price volatility cooling after experiencing rapid gains on Nov. 27, ending in a close just below $96,000 on Bitstamp.
BTC/USD refused to cave to selling pressure, leaving $90,000 unviolated and instead respecting a new support level forming over the past two weeks.
“Fantastic retest of $91,000 as support,” trader and analyst Rekt Capital said, striking a positive tone on the latest market moves on X.
“Now all about breaking the trendline (blue) to get back to $100,000.”
BTC/USD 1-day chart. Source: Rekt Capital/X
Fellow market participant The Kingfisher, known for covering liquidation levels on exchange order books, noted liquidity above and below the spot price being hunted on the day.
The latest data from monitoring resource CoinGlass confirmed that the bulk of ask liquidity was laddered above $97,000 at the time of writing.
BTC liquidation heatmap (screenshot). Source: CoinGlass
“High leverage may trigger potential liquidations in the short term,” IT Tech, a contributor at onchain analytics platform CryptoQuant, told X followers while responding to the data.
Earlier, Cointelegraph reported on manipulatory moves by large-volume traders impacting short-term BTC price performance.
ETH price action sees $4K target return
Meanwhile, Traders focused on altcoins, specifically the largest altcoin, Ether (ETH), which initiated a long-awaited upside over the week.
Related: Bitcoin $2B daily profit-taking involves mostly new hodlers — Research
Reacting, Rekt Capital highlighted the $4,000 mark as a potential near-term bullish target.
“Ethereum has revisited the ~$3700 resistance of its main market structure (light blue),” he wrote alongside an illustrative chart.
“Now needs a Weekly Close above this resistance to break out into macro trend continuation to new highs not seen since late 2021.”
ETH/USD 1-week chart. Source: Rekt Capital/X
Trader Credible Crypto considered the odds of a sub-$3,000 dip on ETH/USD first.
“Recent strength on $ETH is nice to see but we are now approaching the first ‘trouble area’ on the ETH/BTC pairing,” part of a corresponding X post said.
“A rejection here and lower high would give us a push into weekly demand, which, paired with a ~10% correction on $BTC would give us our major 2700-2800 buy zone.”
ETH/USD 3-day chart. Source: Credible Crypto/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.