Bitcoin (BTC) saw volatility near all-time highs on November 19 as geopolitical tensions sparked volatility in risk assets.
BTC/USD 1-hour chart. Source: TradingView
BTC Price Analysis Sees $94K Liquidity Play
Data from TinTucBitcoin and TradingView shows that the 2.4% daily BTC price gain has returned after a brief dip at the Wall Street open.
The market volatility came as US stocks reacted to the escalation of the conflict between Russia and Ukraine.
However, BTC/USD did not stay at the lows for long, recovering to $92,700, just $1,000 away from its all-time high posted on November 13.
Prominent trader Skew has commented that the upcoming launch of options on BlackRock asset manager’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) is keeping prices in a narrow corridor.
“However, one important detail so far is that limit orders are moving higher with higher lows on the short-term timeframe (LTF HLs),” he wrote in a post on X, referring to the liquidity of buy orders moving up in the exchange’s order book.
BTC liquidation heat map (screenshot). Source: CoinGlass
Data from monitoring resource CoinGlass also confirms that the majority of selling interest is around current highs, extending to $94,000.
“A large liquidation cluster at $93K+ also corresponds to an all-time high,” trader Daan Crypto Trades added in the thread.
“The longer price consolidates in this area, the more likely we are to break those highs as more and more positions are built.”
Bitcoin exchange liquidation map (screenshot). Source: CoinGlass
Trader Justin Bennett predicts a positive short-term outcome for the current scenario, seeing a liquidity hunt and the possibility of BTC price reaching $100,000.
“For BTC, this sideways state attracted shorts, and with it shorts were liquidated near $94K,” he told followers on X.
“A short wipeout seems possible, but with Tether’s dominance holding resistance from 2018, the question is whether the $94K wipeout will be a false positive, or can Bitcoin finally move towards $100K?”
BTC/USDT 4-hour chart. Source: Justin Bennett/X
Nvidia's earnings report is seen as a major market event.
Cryptocurrency traders are also keeping an eye on Nvidia’s upcoming earnings release, an event scheduled for November 20 that could create widespread market volatility if the numbers surprise.
“The options market is hinting at a 12% move tomorrow after earnings,” trading resource The Kobeissi Letter wrote in part in a summary on X intraday.
“Nvidia's profits are HUGE.”
Verified premium data for U.S. tech stocks. Source: The Kobeissi Letter/X
As TinTucBitcoin reported, in early November, Nvidia once again surpassed Apple to become the world's most valuable company.
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