As a seasoned analyst with over two decades of experience in financial markets, I have seen my fair share of market manias and manoevres. The current Bitcoin (BTC) surge to within 1% of $100,000 is reminiscent of the dot-com bubble of the late ’90s or the housing boom of the mid-2000s. However, unlike those bubbles, this one seems to have more fundamental backing and less speculative fervor.
Bitcoin (BTC) came within 1% of $100,000 on Nov. 22 with bulls “chewing away” at final sell orders.
Bitcoin eats up last supply below $100,000
According to data from both CryptoMoon Markets Pro and TradingView, the most recent Bitcoin price record of approximately $99,500 was set on Bitstamp.
Following a momentary fall beneath $96,000, Bitcoin (BTC) recovered during the Asian trading hours, potentially setting the stage for an ultimate confrontation as it aims to surpass the six-figure mark.
In simple terms, well-known trader Skew anticipates a significant price surge when the cost surpasses the ask liquidity level close to the major $100,000 milestone, referring to it as an “intense price spike.
The bids for the limit continue to rise as the spot market is being bought, indicating a favorable trend in the market.
“A lot of aggregate spot supply around $100K. Price currently is chewing away at this supply, before this has preceded a pretty violent breakout.”
A connected diagram displayed a concentration of requests for sales around the $99,000 level on the Binance trading platform’s order book.
Previously, Skew Eye suggested that when the market crossed over $100,000, it might indicate an expectation for even more extreme upward growth, or a “parabolic” surge, to follow.
Meanwhile, Keith Alan, a co-founder of the trading resource Material Indicators, pointed out that certain traders are considering selling Bitcoin (BTC) at its current price point.
“Shorts are getting lured in,” he reported on the day, echoing Skew on the likely consequences.
“If you are taking the bait, be prepared to get squeezed.”
Yesterday, data from the monitoring resource CoinGlass showed that short BTC liquidations came very close to reaching $115 million.
Binance avoids “FOMO” volume spike
While keeping an eye on trading activities, the onchain analytics platform CryptoQuant pointed out an intriguing pattern.
Following a surge when the total cryptocurrency market capitalization surpassed its previous record highs this month, the cumulative trading volume on Binance has decreased.
On November 12th, a significant increase in spot trading activity (worth approximately 60 billion) was seen on Binance. This spike in trading volume appears to have happened as the total cryptocurrency market capitalization approached its previous all-time high.
In a recent Quicktake post, contributor Darkfost stated that while trading volume has dropped significantly, the overall value of the cryptocurrency market is now entering a period of determining new prices.
“This decline in spot trading activity may suggest that the market is taking a breather, with investors exercising caution.”
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2024-11-22 11:10