As a seasoned researcher and crypto enthusiast with over a decade of experience in the financial markets, I’ve seen my fair share of market fluctuations, and the current state of Bitcoin (BTC) is nothing if not intriguing. The geopolitical tensions between Russia and Ukraine seem to have sparked a wave of risk-asset volatility, but BTC appears to be holding its own, even reaching within $1,000 of its all-time highs.
On November 19th, the value of Bitcoin (BTC) fluctuated close to record levels due to heightened geopolitical uncertainties causing increased volatility in high-risk investments.
BTC price analysis sees $94,000 liquidity hunt
Based on data from CryptoMoon Markets Pro and TradingView, there was a 2.4% increase in Bitcoin’s daily price following a temporary drop that occurred around the opening of Wall Street.
As an analyst, I observed that market turbulence ensued as U.S. equities responded to the intensification of the geopolitical dispute between Russia and Ukraine.
Initially, the price of BTC/USD didn’t hold at a lower level, but it quickly bounced back and approached the all-time highs set on November 13, reaching approximately $92,700 – just $1,000 short.
According to well-known trader Skew, the upcoming release of options for BlackRock’s iShares Bitcoin Trust ETF is likely confining the bitcoin price within a limited range.
On the other hand, an important point to note is that as time goes by, the highest bids seem to be climbing up the order books on platform X, indicating increased bid liquidity.
According to data from the monitoring system called CoinGlass, it appears that a significant amount of selling activity is focused on the current price levels, reaching as high as approximately $94,000.
Daan Crypto Trades noted a significant group of sell-offs occurring around $93,000, coinciding with an all-time high price level in our ongoing discussion.
“The longer price consolidates around this region, the more likely we’ll take out those highs as more and more positions keep building up.”
Justin Bennett, the trader, predicts a positive short-term trend in the market, expecting a surge in liquidity and the bulls attempting to reach the price point of $100,000.
Regarding Bitcoin ($BTC), the recent period of sideways movement has drawn in many short positions, potentially leading to short liquidations close to $94,000, according to his statement to his X number of followers.
“A sweep of shorts seems likely, but with Tether dominance holding that 2018 trend line, the question is, does a $94k sweep turn into a deviation, or can Bitcoin finally push toward $100k?”
Nvidia earnings seen as key market moment
Cryptocurrency traders are keeping an eye on the upcoming release of Nvidia’s financial results on November 20th. This announcement has the potential to cause widespread market fluctuations if the figures turn out to be unexpectedly high or low.
According to The Kobeissi Letter’s analysis, the stock market is projected to experience a significant shift of approximately 12% in value following the release of tomorrow’s earnings report.
“Nvidia’s earnings are HUGE.”
According to CryptoMoon’s report, back in early November, Nvidia managed to surpass Apple again, claiming the title of the world’s most valuable company.
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2024-11-19 20:16