As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull and bear runs. The current situation with Bitcoin (BTC) hovering around the $100,000 mark is intriguing, to say the least.
The price of Bitcoin (BTC) is almost touching the $100,000 mark, yet it keeps getting turned away from this level multiple times.
Let’s take a quick look at traders’ forecasts about how the price of Bitcoin might behave when it reaches the $100,000 mark.
Examining the daily Bitcoin (BTC) price chart on Coinbase, there’s a noticeable cluster of sell orders stacked up at approximately $100,000 and $103,000 levels, suggesting significant resistance in those areas.
As per well-known cryptocurrency analyst Skew, “limit bids” are increasing alongside active spot purchasers. However, a significant amount of accumulated spot supply is currently hovering near the $100,000 level.
Binance Spot BTC Update: The price experienced a momentary dip in the short term, but then increased further.
— Skew Δ (@52kskew) November 22, 2024
According to Material Indicators’ analysis of Bitcoin order book resources, there could be potential buying opportunities during the weekend as the market might experience dips due to the high concentration of sell orders near $100,000. Additionally, it’s worth noting that spot Bitcoin ETFs do not trade on Saturdays and Sundays, which may further contribute to price fluctuations.
“With the ETF faucet turned off for the weekend, we could see some dip buying opportunities ahead.”
#FireCharts indicates a significant Bitcoin selling barrier situated around the $99.3k – $100k level.
— Material Indicators (@MI_Algos) November 22, 2024
The data from CoinGlass’s Bitcoin liquidation charts indicates that at approximately $99,500, short traders may experience significant pressure. It is important to note that many of these shorts are using high leverage, specifically 50x and 100x. These highly leveraged positions, often referred to as “degen” trades, are typically held by smaller retail traders who could be easily liquidated. If there’s a strong movement in either the perpetual futures market or traditional stock markets, Bitcoin’s price might rapidly surge past these vulnerable positions.
Currently, there’s a significant demand from buyers on Coinbase, causing the Bitcoin-to-US Dollar pair to trade at a higher price compared to other exchanges.
Some traders view the Coinbase premium (the difference in BTC prices at this exchange compared to others) as a positive sign. Additionally, it’s worth mentioning that Bitcoin futures on CME are currently trading at around $99,600. If the price of these futures were to reach $100,000, it could potentially drive the spot price in the same direction.
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2024-11-22 21:05