BTC price dips 4% as Bitcoin analysis reveals low liquidity above $33K
Bitcoin (BTC) saw a classic pullback after the Nov. 16 Wall Street open as deja vu BTC price action continued.
Data from Cointelegraph Markets Pro and TradingView followed Bitcoin as it descended to $36,470 — down over $1,000 on the day.
The landscape closely followed events from earlier in the week, where bulls failed to flip new highs to support and endured long liquidations.
These were less present on the day, with around $21 million of BTC longs wiped out at the time of writing, per data from monitoring resource CoinGlass. On Nov. 14, the tally reached $120 million.
Commenting on the status quo, market participants noted the repetitive nature of BTC price action, which left the possibility for both new highs and a deeper retracement open.
“While I maintain my view that the market is due for a correction, we still can't rule out the possibility of another attempt at the $38k - $40k range,” on-chain monitoring resource Material Indicators wrote in part of its latest X post.
It added that news on the first United States Bitcoin spot price exchange-traded fund (ETF) “would be a likely catalyst for such a move,” but that time was running out for this thanks to regulatory time constraints.
An accompanying snapshot of BTC/USDT order book liquidity showed sellside liquidity building at $38,000, with complementary bid volume only present at $33,000.
“The path of least resistance is down for $BTC if we are going by the amount of resting orders waiting to get filled,” popular pseudonymous trader Horse continued on the topic.
The macro picture was cool on the day as U.S. dollar weakness reentered, cancelling out a recovery from a precipitous drop on Nov. 14.
Related: $48K is now ‘reasonable’ BTC price target — DecenTrader’s Filbfilb
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