Here’s why Bitcoin traders really want to punch through $90K
2024.11.12 17:32
Bitcoin (BTC) price is trying to punch through the $90,000 level but encountering some pushback. Let’s briefly explore why.
On the BTC/USDT 1-hour chart, one can observe a block of sell orders at $90,000. As BTC price runs into these asks, the selling adds a bit of gravity to the price momentum, and the price pulls back slightly. Another block of asks can also be observed at $91,150.
BTC/USDT 1-hour chart. Source: TRDR.io
Looking at the aggregate order book also provides a clear view of how the $90,000 level is being defended.
Aggregate BTC/USDT order book. Source: TRDR.io
Bullish traders would like to push through the $90,000 level in order to begin liquidating short positions in this region that extend to $93,000.
BTC/USDT liquidation map. Source: CoinGlass
Further evidence of this push to break through $90,000 can also be seen in the surge in spot volumes, notably at Coinbase, where Bitcoin tends to trade at a premium.
BTC/USD 4-hr chart. Source: TradingView
Related: Coinbase launches COIN50 Index to track digital assets
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.
