As a seasoned analyst with over two decades of market experience under my belt, I must admit that the current Bitcoin (BTC) surge has me intrigued and slightly anxious. The rapid rise to near $100,000 is reminiscent of the dot-com bubble days, where the exponential growth seemed almost too good to be true. However, unlike those times, I believe that this time around, Bitcoin is here to stay.
On November 21, Bitcoin (BTC) experienced quick increases due to a tightening of liquidity, causing its value to approach nearly $100,000.
Bitcoin gaps higher with sellers above $100,000
According to data from both CryptoMoon Markets Pro and TradingView, a well-known trader named Skew identified a sudden surge or spike in the market towards the last level of ask liquidity just before Bitcoin reached a significant price milestone of six figures.
Currently, BTC/USD is close to a significant milestone, having climbed approximately 3% by the time this was written. It’s only about $3,000 away from reaching a historic accomplishment.
In a recent post, Skew proposed that if major traders want to take a position, this would be the ideal spot. This idea aligns with game theory, as it seems strategic to do so when there’s a $100K ask liquidity at stake.
“I think any deep sweep from here is a bid, else price will continue to go parabolic above $100K.”
As an analyst, I observed a subsequent development where substantial new orders started appearing on exchange platforms with prices exceeding $100,000. This seemingly significant influx of liquidity could potentially bring relief to the price volatility.
According to Skew, the appearance of new demand for this asset suggests that the market might be valuing it above $100,000.
“Big day ahead.”
cryptoMoon frequently highlights the importance of the $100,000 threshold, a milestone that seems closer than expected as Bitcoin surges by 38% over a three-week period.
Charles Edwards, the founder of Capriole Investments’ Bitcoin and digital asset fund, further explained that it might be challenging for ordinary minds to grasp the idea of Bitcoin exceeding $100K.
“A ton of supply unloading between 90-100 for this reason. Teleportation occurs beyond $100K as the masses re-enter with FOMO.”
Monitoring data from CoinGlass indicates that short Bitcoin liquidations in the preceding 24 hours, as of the time of this writing, amounted to slightly more than $92 million.
BTC price support retest “welcome”
A word of warning came from those hoping for a support retest to confirm market strength at higher levels.
According to Material Indicators’ recent analysis on topic X, they propose that the lower price range around $90,000 could be worth revisiting in the future.
On Binance, the world’s largest cryptocurrency exchange, a glance at the BTC/USDT order book showed that there was insufficient buying interest at lower prices if sellers took control in the short term.
According to FireCharts, the Bitcoin ask (selling) liquidity is grouped together between $98,000 and $100,000, while the bid (buying) liquidity appears thinner beneath this range.
“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.”
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2024-11-21 12:30