As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I have witnessed the rollercoaster ride that Bitcoin often takes us on. After a thrilling spike above $90,000 and setting a new all-time high, it seems like BTC is now taking a breather to consolidate its gains.
On November 13th, Bitcoin (BTC) is battling to hold its peak following a quick surge surpassing $90,000, thereby establishing a fresh record high.
Bitcoin price needs to “slow down the pace”
According to data from both CryptoMoon Markets Pro and TradingView, the closing price of Bitcoin on Bitstamp reached an unprecedented high of $90,240 in yesterday’s trading session.
After multiple attempts to crack the $90,000 level, bulls ultimately succeeded — but only briefly.
The market’s volatility persists, fueled by psychological factors attached to significant numbers, an abundance of sellers looking to offload their holdings, and concerns that the market may be reaching its limit.
According to Keith Alan, the co-founder of trading resource Material Indicators, it’s important for Bitcoin (BTC) to decelerate its pace and establish some solid foundational support within its current price range, as suggested on X on November 12.
“$80M in BTC ask liquidity stacked at $90k, and a $177M sell wall at $100k ‘should’ pump the brakes.”
According to data from CoinGlass, the liquidity level remains robust at $90,000 as the price hovers approximately 2% below its previous level.
According to Material Indicators, their specialized trading tool suggests that the current situation might persist for a while in the immediate future.
The Trend Prediction system is now indicating a drop (or down signal) on the Bitcoin Daily chart, which it shared with its X followers.
“It’s signaling that price isn’t likely to make a new ATH over the next 24 hrs, however, proceed with caution as periods of euphoria could push price back up and invalidate this signal before it prints at the close.”
Prudent market players anticipate that sideways movement might dominate, postponing further upward momentum for a while.
One of the individuals is well-known trader Credible Crypto, who stirred up some buzz on social platforms by forecasting that Bitcoin’s value could plummet to as low as $50,000 or less.
In simpler terms, he stated in his recent Bitcoin update that contrary to popular opinion, this move isn’t as impulsive as many think. However, the fact that Bitcoin has risen more than anticipated has caused him to adjust his trading strategies somewhat.
“Really only two ways about this atm: 1. This is a massive bull trap 2. We keep going up In either scenario I would expect to see a few weeks of chop between 70-90k.”
Even the more bullish BTC price perspectives now call for some cooling-off — even when an attack on six figures is on the radar.
In an explanatory X post, statistician Willy Woo, creator of Bitcoin data platform Woobull, likewise ties performance to liquidity trends, along with Fibonacci extension levels.
In such scenarios, he mentioned two methods for identifying potential new resistance levels: Fibonacci retracement levels, which are based on the “magic ratios” found in nature, and actual stop-loss points where market positions are likely to be sold off.
“88-91k was the first target. We hit it. Consolidation should happen here. This is both from local fib levels and liquidation levels where most of the shorts have been taken out, it’s the end of compulsory buying from short sellers getting culled.”
Woo highlights $102,000 Fibonacci line
Woo adds that the area just above $100,000 would be the next make-or-break BTC price zone.
“102k is the next macro fib, using last cycle high and this cycle low,” he concluded.
“Let’s see where new liquidations cluster around, but for now, that’s our next target based on fibs.”
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2024-11-13 09:18