February 24, 2024 1:19 pm

BTC price bounces 3% post Binance amid call for Bitcoin bulls to ‘step in’

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Bitcoin (BTC) traded $1,000 off weekly lows after the Nov. 22 Wall Street open as a BTC price relief bounce held firm.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin respects “very clear” key levels

Data from Cointelegraph Markets Pro and TradingView followed crypto markets as they recovered from snap downside the day prior.

As the dust continued to settle on news that the largest global exchange Binance would settle with the United States Department of Justice for $4.3 billion, Bitcoin traders eyed the latest important price levels.

Daan Crypto Trades showed BTC/USD respecting a trading range in place for two weeks despite dipping to $35,600 after the Binance event.

“Nice tap and bounce of the range low yet again,” he told X (formerly Twitter) subscribers in part of his latest commentary.

“Pretty clear that the most improtant levels are 35.7K and 38K in this area.”

BTC/USD range chart. Source: Daan Crypto Trades/X

The corridor between $35,000 and $38,000 was of equal interest to optimistic market participants waiting for the next stage of the Bitcoin bull run.

These included popular trader and analyst Credible Crypto, who predicted some rangebound activity before an “impulse” 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 explained on the day.

“As per my chart in the quoted tweet looking for the lows at 35.5k to get taken before the conclusion of this accumulation phase and the start of the next impulse.”

BTC/USD liquidity data. Source: Credible Crypto/X

An accompanying chart of the Binance order book showed liquidity pockets defining 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.

Related: How low can the Bitcoin price go?

“While we never took out a single low, Bitcoin has work to do,” he said about the 4-hour chart post-Binance.

“For the first time in this consolidation, we failed to make a higher low – and now we’re also back below the key level. Bulls need to step in here.”

BTC/USD 4-hour chart. Source: Jelle/X

On longer timeframes, however, Jelle spied a breakout from a so-called “cup and handle” pattern — with a $48,000 BTC price target to match.

In its latest coverage of order book changes, meanwhile, monitoring resource Material Indicators suggested that whale selling was still ongoing.

Despite this, liquidity overall moving higher was a bullish sign, it added in X commentary.

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.