Bitcoin Reaches $99,000 and Traders Expect More
21 Nov, 2024 ● Crypto News
Bitcoin experienced a sharp price increase on Nov. 21, nearing the $100,000 mark in what appeared to be a liquidity-driven move.
Data from TradingView highlighted what trader Skew described as a “pop” into the final ask liquidity before reaching the six-figure Bitcoin price milestone.
At the time of writing, BTC/USD had risen nearly 3% on the day, leaving it less than $3,000 away from this historic level.
“If large sellers are to make a stand it’s here, also in game theory it makes sense in terms of front running $100K ask liquidity,” Skew commented in a post on X.
“I think any deep sweep from here is a bid, else price will continue to go parabolic above $100K.”
In a follow-up post, Skew observed that fresh ask liquidity was appearing on exchange order books above the $100,000 level, signaling optimism for further price gains.
“New ask liquidity showing up here is a good confirmation of the market starting to price above $100K,” Skew noted.
The $100,000 milestone has been widely anticipated, with Bitcoin gaining 38% in just three weeks, surprising even seasoned analysts with the speed of its rally.
“The normie mind cannot comprehend Bitcoin > $100K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, remarked, and added:
“A ton of supply unloading between 90-100 for this reason. Teleportation occurs beyond $100K as the masses re-enter with FOMO.”
Monitoring resource CoinGlass reported short BTC liquidations exceeding $92 million in the 24 hours leading up to the time of writing.
However, some analysts cautioned that a retest of support might be necessary to solidify the market's strength at these elevated levels.
In its latest analytics post on X, trading resource Material Indicators suggested that the low $90,000 range could serve as a critical area for such a retest.
Examining the BTC/USDT order book on Binance, Material Indicators pointed to limited buy-side liquidity below current price levels, raising concerns about potential downward movement if sellers gain control.
“FireCharts shows $BTC ask liquidity stacked from $98k-$100k, and thin bid liquidity below,” the post stated, and continued:
“I’d welcome a test of local support at $91k, there’s a small buy wall at $95k that may keep price elevated and momentum high.”
Sources:
https://cointelegraph.com/news/bitcoin-teleportation-traders-bet-btc-price-passing-100k
https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE
https://x.com/52kskew/status/1859461884845740383
https://x.com/caprioleio/status/1859352095037718711
