Bitcoin (BTC) price is nipping at the heel of the $100,000, but repeat rejections near the level continue to occur.
Let’s briefly investigate why, along with traders expecations of what Bitcoin price may do once the $100,000 milestone is achieved.
Looking at the daily chart for BTC/USD at Coinbase, a thick wall of sell orders are present at $100,000, and also at $103,000.
BTC/USD 1-hour chart. Source: TRDR.io
According to popular X crypto analyst Skew, “limit bids” are “moving higher with underlying spot buyers,” but “a lot of aggregate spot supply [is] around $100K.”
$BTC Binance Spot
Update since previous post
Price did see a brief LTF dip before higher thereafter
Still seeing limit bids moving higher with underlying spot buyers
~ Positive market signal
A lot of aggregate spot supply around $100K
Price currently is chewing away at this… https://t.co/TruZVGXwTM pic.twitter.com/nGtekY6Y0F
— Skew Δ (@52kskew) November 22, 2024
Bitcoin order book resource Material Indicators suggested that dip buying opportunities in Bitcoin to spring up over the weekend, due to the thickness of the sell walls near $100,000 and the fact that the spot Bitcoin ETFs are “off” on Saturday and Sunday.
“With the ETF faucet turned off for the weekend, we could see some dip buying opportunities ahead.”
#FireCharts shows a massive #Bitcoin sell wall compressed between the $99.3k - $100k range.
The good news is there has been a slight bit of erosion in the last few hours.
The bad news is, it's still nearly $300M in liquidity.
It would actually be good to see whales start… pic.twitter.com/7Hg1VDxh8Y
— Material Indicators (@MI_Algos) November 22, 2024
Bitcoin liquidation maps from CoinGlass show $99,500 as the price level where short traders fall under pressure and one thing to note is the bulk of shorts here using 50x and 100x leverage. Generally these highly levered “degen” positions are low value retail traders subject quick liquidation so with a sufficient push from either the perpetual futures market or sport markets, Bitcoin price could quickly slice through these positions.
Bitcoin liquidation map. Binance. Source: CoinGlass
At the time of writing, there’s a strong push from buyers at Coinbase, where the BTC/USD pair trades at a premium.
BTC price spread between Binance and Coinbase, CME futures price (bottom). Source: TradingView
Some traders cite the Coinbase premium — the spread between BTC price at the exchange versus other exchanges — as a bullish phenomenon. Another thing to note is CME Bitcoin futures are currently trading at $99,600, further suggestion that spot price may follow if the CME futures price were to hit $100,000.
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.
