Bitcoin ‘teleportation’ due as traders bet on BTC price passing $100K
2024.11.21 04:49
Bitcoin (BTC) made snap gains on Nov. 21 as a liquidity squeeze took BTC price action to near $100,000.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin gaps higher with sellers above $100,000
Data from Cointelegraph Markets Pro and TradingView showed what popular trader Skew called a “pop” into final ask liquidity before the key six-figure BTC price barrier.
Up nearly 3% on the day at the time of writing, BTC/USD was less than $3,000 from a historic achievement.
“If large sellers are to make a stand it’s here, also in game theory it makes sense in terms of front running $100K ask liquidity,” Skew argued in a post on X.
“I think any deep sweep from here is a bid, else price will continue to go parabolic above $100K.”
BTC/USDT 15-minute chart. Source: Skew/X
A further post noted that new ask liquidity was beginning to arrive on exchange order books above $100,000 — something notionally cathartic for price.
“New ask liquidity showing up here is a good confirmation of the market starting to price above $100K,” Skew wrote.
“Big day ahead.”
Cointelegraph has long reported on the significance of the $100,000 mark, which has come within reach more quickly than many imagined with Bitcoin gaining 38% in three weeks.
“The normie mind cannot comprehend Bitcoin > $100K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, continued.
“A ton of supply unloading between 90-100 for this reason. Teleportation occurs beyond $100K as the masses re-enter with FOMO.”
BTC liquidations (screenshot). Source: CoinGlass
Data from monitoring resource CoinGlass put short BTC liquidations in the 24 hours to the time of writing at just over $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.
Related: Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next
In its latest analytics post on X, trading resource Material Indicators suggested that the low $90,000 range would be a suitable zone to revisit.
Uploading a view of the BTC/USDT order book on largest global exchange Binance, it noted a lack of buy-side liquidity below price should sellers gain control on low timeframes.
“FireCharts shows $BTC ask liquidity stacked from $98k- $100k, and thin bid liquidity below,” the post read.
“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.”
BTC/USDT order book data. Source: Material Indicators/X
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.
