BTC price all-time high above $94K comes amid Bitcoin sell-off warning
2024.11.20 09:14
Bitcoin kept up pressure on $94,000 into the Nov. 20 Wall Street open as bidders bought up BTC price dips.
BTC/USD 4-hour chart. Source: TradingView
BTC price record highs dislodge dormant coins
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it staged yet another rebound, this time from lows of $91,500.
Characteristic bullish moves meant Bitcoin’s (BTC) new all-time highs of $94,374 on Bitstamp came before the US trading session began.
Trader Skew eyed shifting liquidity conditions on exchange order books. “Someone got fomo?” he queried in one of his latest posts on X, also noting both spot and perp market bidding.
BTC/USDT chart with order book liquidity data. Source: Skew/X
Fellow trader CrypNuevo reiterated that the mid-$90,000 area could be the next stop for BTC/USD before a fresh consolidation phase.
“Not expecting to break $100k in the first attempt so looking for a reversal from mid-high $90ks, around $96k zone. Then, focus on the next buying opportunities during the pullback,” he told X followers.
BTC/USDT 1-hour chart. Source: CrypNuevo/X
Striking a cautionary note was research from onchain analytics platform CryptoQuant, which warned that long-term holders were distributing BTC at current prices.
“Market tops often occur when long-held Bitcoin is reactivated,” an X post read, referring to the Coin Days Destroyed metric.
This measures the dormancy of BTC held in a given address, and is already well on the way to classic top territory.
“Watch for Coin Days Destroyed spiking above 15–20 million as a key signal,” CryptoQuant advised alongside a corresponding chart.
Coin Days Destroyed chart. Source: CryptoQuant/X
Bitcoin ETF options success adds to bullish mood
Optimism nonetheless rose as options began trading on asset manager BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF).
Related: Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next
The first day was a resounding success, with industry executive Joe Consorti noting bets on BTC/USD finishing the year above $100,000.
Earlier, Filbfilb, co-founder of trading suite DecenTrader, forecast the options would have a long-term cathartic impact on BTC price action.
“Short-term impact: More volatility and speculative price swings. Long-term impact: Cemented gold’s status as a key hedge in diversified portfolios,” he said in a dedicated X thread this week.
Trading firm QCP Capital was equally positive on the launch.
“This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class,” it wrote in a latest update to Telegram channel subscribers.
“This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets.”
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.
