According to Cointelegraph: Bitcoin (BTC) is redefining new short-term price targets, mixing volatility with consolidation after a substantial short squeeze that propelled the largest cryptocurrency closer to the $36,000 mark. Market participants are now pointing to significant price targets as we move beyond November 8.
Although Bitcoin has struggled to eclipse the resistance at $36,000—evident in data from Cointelegraph Markets Pro and TradingView—sellers have become more active on intraday timeframes, with indications of cautiousness entering the buy side.
Material Indicators, an on-chain monitoring resource, in a recent X post highlighted lower support liquidity—from $34,500 down to $34,000—captioning it as "The Bitcoin Gameboard is Changing".
The BTC/USDT order book on Binance also displayed added sell liquidity at $36,000 after a decline from the previous day’s near-$35,900, while the $40,000 point remains a key psychological barrier.
Noting $34,000 as a potential battleground in case of increased sell-side pressure, Daan Crypto Trades, a popular trader, identified upward trending markers at $35,000 and $35,700. He suggested these levels could trigger another short squeeze in the event that the bulls gain the upper hand.
Skew, another trader, suggested that spot bidders will be needed to offer the market a chance of more significant upsides.
In the meantime, trading analyst Credible Crypto suggested that Bitcoin wouldn't fall below $33,700. He further stated that he believes the $34,500 support level will hold. He wrote: “In my ‘most bearish’ low timeframe scenario, I don't expect we see below 33.7k. No matter how this plays out in the coming days I think downside is extremely limited.”
Bitcoin bulls find cause for optimism in long-term BTC price outlooks with year-end targets including $45,000 or more, underpinned by the forthcoming block subsidy halving.
