New Bitcoin price all-time high ‘unlikely’ as trader eyes $70K floor
2024.11.13 01:34
Bitcoin (BTC) is fighting for the top of its range on Nov. 13 after a brief spike above $90,000 sealed a new all-time high.
BTC/USD 1-day chart. Source: TradingView
Bitcoin price needs to “slow down the pace”
Data from Cointelegraph Markets Pro and TradingView confirms a new record BTC price of $90,240 on Bitstamp into the latest daily close.
After multiple attempts to crack the $90,000 level, bulls ultimately succeeded — but only briefly.
Volatility remains high as the psychological significance of a round number combines with heavy sell-side liquidity and a market which some argue is already overstretched.
“BTC needs to slow down the pace and build some structural support in the new range,” Keith Alan, co-founder of trading resource Material Indicators, argued on X on Nov. 12.
“$80M in BTC ask liquidity stacked at $90k, and a $177M sell wall at $100k ‘should’ pump the brakes.”
BTC liquidation heatmap. Source: CoinGlass
Data from monitoring resource CoinGlass shows that liquidity at $90,000 continues to thicken as price lingers around 2% lower.
Flagging a signal from one of its proprietary trading tools, Material Indicators believes that the status quo could well remain in the short term.
“Trend Precognition is flashing a new [down] signal on the $BTC Daily chart,” it announced to 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.”
BTC/USD 1-day chart. Source: Material Indicators/X
Cautious market participants see rangebound behavior taking over before any potential upside continuation.
Among them is popular trader Credible Crypto, who previously fielded strong reactions on social media by predicting a BTC price crash to $50,000 or lower.
“While I still don’t believe this is the impulsive move that most believe it is- $BTC has gone quite a bit higher than expected which changes things a bit on my end from a trading perspective,” he revealed in his latest dedicated X post on Bitcoin.
“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.
Related: $80K BTC price chases gold — 5 things to know in Bitcoin this week
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 these situations we have 2 guides to find new resistances. Fibonacci bands, using magic numbers seen in nature, and real liquidation levels of market positions,” he wrote.
“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
Bitcoin exchange liquidation map (screenshot). Source: CoinGlass
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.”
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.
