Bitcoin (BTC) continues its march toward new all-time highs, shrugging off bearish pressure as the BTC price staged a robust recovery near the $94,000 level. The market reacted to geopolitical tensions and anticipated a surge in liquidity with the imminent launch of ETF options trading.
BTC Price Analysis: $94K in Sight
On Nov. 19, Bitcoin (BTC) gained 2.4% daily to reclaim $92,700, nearing its record high of $93,477 set on Nov. 13. Monitoring resource CoinGlass identified significant sell-side liquidity around $94,000, indicating a potential liquidity hunt.
Analysts anticipate a breakout as sell positions cluster around these levels. Daan Crypto Trades commented:
“The longer price consolidates around this region, the more likely we’ll take out those highs.”
Trader Justin Bennett echoed this sentiment, suggesting that Bitcoin (BTC) could surpass $94,000 and possibly target the psychological $100,000 mark. "This sideways price action has attracted shorts, increasing the likelihood of a sweep at $94K," he noted.
Market Volatility Amid Key Events
Bitcoin's moves coincided with broader risk-asset volatility driven by escalating tensions between Russia and Ukraine. Despite a brief dip, BTC/USD demonstrated resilience, quickly rebounding above $92,000.
The market now turns its attention to Nvidia’s earnings release on Nov. 20. With expectations of a 12% post-earnings move, the announcement could influence market sentiment. Nvidia’s recent performance, including surpassing Apple as the world’s most valuable company, has already made waves in financial markets.
ETF Options and Price Dynamics
The launch of BlackRock’s iShares Bitcoin Trust (IBIT) ETF options on Nov. 19 is seen as a pivotal moment. Analysts, including Skew, suggest this event could be anchoring Bitcoin (BTC) within its current range, with bid liquidity moving higher on exchange order books.
As Bitcoin consolidates near its record highs, traders and analysts are closely monitoring the $94K level, with bulls eyeing the elusive $100K milestone. Whether Bitcoin can sustain this momentum hinges on upcoming market catalysts and the behaviour of key liquidity zones, according to Cointelegraph report.
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