Bitcoin (BTC) returned the early week’s gains by securing liquidity at the opening of Wall Street on November 18.
BTC/USD 1-hour chart. Source: TradingView
BTC price reacts as MicroStrategy announces massive purchase.
BTC prices fell 3%, pushing BTC/USD below its weekly close, according to data from Cointelegraph Markets Pro and TradingView.
The weekly close marked an all-time high for Bitcoin, but news that business intelligence company MicroStrategy had purchased $4.6 billion worth of BTC last week seemed to sour the mood.
Popular trader Daan Crypto Trades responded in a post on
BTC/USD hit a new all-time high near $93,500 on November 13 before the volatility began, with intraday lows centered just below $87,000.
Popular trader and commentator Josh Rager claimed today that “nothing has changed with $BTC.”
“Bitcoin is gaining range and is very healthy after rising 40% in one week. In the meantime, fly over to altcoins/memecoins and find their prices. Helping the entire cryptocurrency industry achieve a win-win in the current market.”
This is a 1-day chart of the entire cryptocurrency market capitalization. Source: TradingView
Others have embraced the idea of a deeper BTC price retracement, with “buy the dip” targets already extending to $70,000.
Trader, analyst, and entrepreneur Michaël van de Poppe told his
“I think there will be significant declines across markets in the next week or two. But for now, enjoy the upside.”
BTC/USDT 1-day chart with RSI data. Source: Michaël van de Poppe/X
Opportunists are struggling with Bitcoin support retest.
Meanwhile, Bitcoin is starting to hit a wall of liquidity as it falls below $90,000, with popular trader Skew noting that short positioning is now on the rise.
“Here a lot of shorts opened at the price and we are still chasing ~2K+ BTC in shorts. “There has been some long-term surrender to that movement as well,” he confirmed.
At the time of this writing, 24-hour BTC long-term liquidation stands at around $35 million, according to data from monitoring resource CoinGlass.
Liquidating BTC (screenshot). Source: Coinglass
“Usually this wall is torn down, but this time it was actually sold and largely filled in,” Skew continued.
“It would be funny if it wasn’t intentional, but let’s see if this price range can be defended now.”
Daan Crypto Trades added that Bitcoin has filled a recent “gap” in the CME Group Bitcoin futures market.
BTC/USDT 15-minute chart with CME Bitcoin futures data. Source: Daan Crypto Trades/X
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.