Summary: Bitcoin hitting $100,000 seems certain as sell walls disappear and shorts risk getting “squeezed” by rampant BTC price momentum.

Bitcoin was within 1% of $100,000 on November 22 with investors chewing up the last sell orders.

Bitcoin exhausts last supply below $100,000

Data from Cointelegraph Markets Pro and TradingView confirms Bitcoin's latest all-time high near $99,500 on Bitstamp.

After a brief dip below $96,000, #BTC/USDT bounced back in Asian trading to set up what could be a six-figure showdown.

Commenting on the action, trader Skew predicted that a “big breakout” could be in the offing once prices clear demand liquidity near the key $100,000 level.

“Still seeing limit bids moving higher with underlying spot buyers ~ Positive market signal,” part of X’s post read.

"There is a lot of aggregate spot supply around $100,000. Prices are currently eating into this supply, having previously had a pretty strong rally."

The attached chart shows a demand ladder clustered around the upper $99,000 area on Binance's order book.

Previously, Skew noted demand emerging above $100,000 as a suggestion that the market was expecting further “parabolic” gains after reaching it.

Keith Alan, co-founder of trading resource Material Indicators, noted that some traders are tempted to short BTC at current levels.

“Short people are starting to get hooked,” he reports, echoing Skew about the potential consequences.

“If you get provoked, prepare to get pinched.”

The day before, data from monitoring resource CoinGlass confirmed that short liquidations $BTC reached nearly $115 million.

#Binance! avoiding “FOMO” volume spikes

Meanwhile, observing exchange activity, onchain analytics platform CryptoQuant noted a strange trend.

After surging as the overall crypto market cap surpassed an all-time high earlier this month, Binance’s aggregate trading volume has declined.

“The recent spike in spot trading volume (60B) on Binance occurred on November 12, coinciding with the crypto market cap approaching its previous ATH.

“However, trading volume has halved while the total crypto market cap has entered price discovery mode,” Darkfost contributors wrote in a Quicktake blog post.

“This decline in spot trading activity may indicate that the market is taking a breather, and investors are being cautious.”

Penulis: Warren Takunda on FastBull

Sumber: Cointelegraph