Here’s why Bitcoin traders really want to punch through $90K

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As a seasoned crypto investor with battle-tested nerves and a portfolio that’s been through more rollercoasters than Disneyland, I can see the $90,000 resistance level on Bitcoin’s chart like an old friend who always shows up just when you thought you could finally relax. The sell orders stacked there, much like those stubborn relatives who insist on visiting during the holidays.

Currently, the value of Bitcoin (BTC) is making an attempt to surpass the $90,000 mark, yet it’s facing resistance. To shed some light on this situation, let’s consider a few possible reasons.

On the 1-hour Bitcoin (BTC) to Tether (USDT) chart, there’s a cluster of sell orders located at $90,000. As BTC approaches these sell points, it encounters some resistance, causing a slight dip in the price movement due to selling pressure. Additionally, another group of sell orders can be seen at $91,150.

Optimistic investors aim to surpass the $90,000 mark in order to initiate the closing of short positions within the range stretching up to $93,000.

As a keen crypto investor, I’ve noticed a significant increase in spot trading volumes, particularly at platforms like Coinbase, which often sees Bitcoin trading at a premium. This trend could be a sign that we’re gearing up to breach the $90,000 mark.

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2024-11-13 00:46