Bitcoin back to $90K next? Traders diverge on BTC price pullback odds
2024.11.22 10:30
Bitcoin (BTC) faced a serious challenge hitting $100,000 on Nov. 22 as $300 million in sell-side liquidity blocked the way.
BTC/USD 1-hour chart. Source: TradingView
BTC price teases with rejection near $100,000
Data from Cointelegraph Markets Pro and TradingView showed BTC price downside taking over at the Wall Street open.
BTC/USD fell to local lows of under $97,300 and was down around 1.2% on the day at the time of writing.
A trip toward the key six-figure mark earlier ended in defeat as sellers lined up to prevent BTC price from climbing higher — a common feature for Bitcoin around key psychological levels.
“FireCharts shows a massive Bitcoin sell wall compressed between the $99.3k – $100k range,” trading resource Material Indicators confirmed in its latest post on X.
This referred to liquidity on largest global exchange Binance, with the $100,000 sell wall clearly standing out against other levels while building in strength over the past few hours.
“The good news is there has been a slight bit of erosion in the last few hours,” Material Indicators continued.
“The bad news is, it’s still nearly $300M in liquidity.”
BTC/USDT chart with order book liquidity data. Source: Material Indicators/X
Accompanying volume data showed sell-side transactions dominated by amounts between $100 and $1,000, with whales still refraining from mass distribution.
“It would actually be good to see whales start dumping blocks of ask liquidity to force $BTC into a support test and to ultimately make the wall easier to penetrate,” the post argued.
“With the ETF faucet turned off for the weekend, we could see some dip buying opportunities ahead.”
The United States spot Bitcoin exchange-traded funds (ETFs) achieved another day of net inflows above $1 billion on Nov. 21, reflecting considerable institutional interest supporting BTC price momentum.
Bitcoin 4-hour RSI hints at bullish comeback
Others considered where a potential deeper price retracement may end up, with popular trader Crypto Chase eyeing $90,000 in what he called the “optimal scenario.”
Related: Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next
BTC/USDT 12-hour chart. Source: Crypto Chase/X
Fellow trader CJ had a higher target focused on the mid-$90,000 range.
Source: CJ
In support of a return to upside, meanwhile, trader Roman noted promising bullish divergences on the 4-hour relative strength index (RSI).
This fell 10 points on the day, dipping below the key 70 “overbought” level.
“Big bull divs forming between price & RSI here. We should see trend continuation as a result,” he told X followers on the day.
“I think we break 100k today or tomorrow as this entire trend looks very strong.”
BTC/USD 4-hour chart with RSI data. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
