As a seasoned crypto investor with over a decade of experience under my belt, I’ve witnessed countless market fluctuations and learned to stay calm amidst the storm. Today, I find myself standing at the precipice of excitement and apprehension, as Bitcoin (BTC) dances around the $100,000 mark.
On November 22nd, Bitcoin (BTC) encountered a significant obstacle in reaching $100,000 due to a barrier of approximately $300 million worth of sell orders that impeded its progress.
BTC price teases with rejection near $100,000
According to data from both CryptoMoon Markets Pro and TradingView, it was observed that the decline in Bitcoin’s price became more prominent as the market opened on Wall Street.
The price of Bitcoin (BTC) dipped to a recent minimum below $97,300 and had dropped approximately 1.2% in value during that specific moment in time.
The journey to reach the significant six-digit figure was halted, with traders blocking Bitcoin’s advance and preventing its value from increasing further. This pattern often occurs near crucial psychological thresholds in Bitcoin trading.
FireCharts reveals an enormous Bitcoin selling barrier, consolidated within the price points of approximately $99.3k and $100k, according to a recent update from trading resource Material Indicators.
The mention here is about the liquidity on the world’s biggest cryptocurrency exchange, Binance. A prominent sell wall of $100,000 has been growing stronger over the last few hours, contrasting with other price points.
Positive update: Some minor soil erosion occurred over the past few hours, according to our monitoring.
“The bad news is, it’s still nearly $300M in liquidity.”
The accompanying data revealed that trades on the sell side were mostly in the range of $100 to $1,000, while large investors, or ‘whales,’ continued to abstain from widespread distribution.
It could potentially benefit us to witness whales depositing blocks of ask liquidity, causing Bitcoin to hit a support level and making it simpler to break through the resistance.
“With the ETF faucet turned off for the weekend, we could see some dip buying opportunities ahead.”
On the 21st of November, U.S. based Bitcoin exchange-traded funds (ETFs) saw a significant increase in net investments totaling over $1 billion, indicating robust institutional backing for Bitcoin’s ongoing price rally.
Bitcoin 4-hour RSI hints at bullish comeback
Some people are speculating about where a possible significant drop in price might stop, as well-known trader Crypto Chase predicts that it could reach around $90,000 under his “ideal” or preferred forecast.
Fellow trader CJ had a higher target focused on the mid-$90,000 range.
Meanwhile, trader Roman pointed out some optimistic bullish discrepancies appearing on the 4-hour Relative Strength Index (RSI), which could indicate a potential shift in the trend moving upward.
This fell 10 points on the day, dipping below the key 70 “overbought” level.
On this particular day, he informed his X followers that there appear to be large divergences (divs) between the price and the Relative Strength Index (RSI). He suggested that due to these divs, we might expect the existing trend to carry on.
“I think we break 100k today or tomorrow as this entire trend looks very strong.”
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2024-11-22 18:15