Bitcoin rose to within 1% of $100,000 on November 22, with bulls “chewing” on the final sell order.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin consumes its last supply of less than $100,000.
The latest Bitcoin (BTC) price on Bitstamp has seen an all-time high near $99,500, according to data from Cointelegraph Markets Pro and TradingView.
After a brief dip below $96,000, BTC/USD bounced back into the Asian trading session, setting up for a six-figure showdown.
Commenting on the action, trader Skew predicted a “violent breakout” could occur if the price calls for liquidity near $100,000.
“We are still seeing limit bids rising with primary spot buyers, a positive market signal,” reads part of X’s post.
“There is a large total spot supply of about $100,000. Prices are currently eating away at this supply before we see a fairly violent breakout.”
This is the BTC/USDT 15-minute chart. Source: Tilt/X
The attached chart shows the request ladder clustered in the upper $99,000 area of the Binance order book.
Skew had previously called for the market to appear above $100,000, suggesting it was pricing in further “parabolic” upside once it got there.
Keith Alan, co-founder of trading resource Material Indicators, noted that some traders have been tempted to sell BTC at current levels.
“Shorts are tempting,” he said, commenting on the expected outcome for Skew.
“If you’re taking bait, be prepared to get squeezed.”
Liquidating BTC (screenshot). Source: Coinglass
The previous day, short-term BTC liquidations stood at just under $115 million, according to data from monitoring resource CoinGlass.
Binance Prevents “FOMO” Volume Spikes
Meanwhile, CryptoQuant, an on-chain analytics platform, discovered an interesting trend while observing exchange activity.
relevant: Bitcoin ‘Diamond Hand’ selling risk outweighs ETF inflows of $98,000.
Total trading volume on Binance fell after the overall cryptocurrency market cap surged to record highs earlier this month.
“The most recent surge in Binance spot trading volume (60 billion) occurred on November 12th, coinciding with the cryptocurrency market cap approaching its previous ATH.
“However, trading volume has since halved, while the overall cryptocurrency market cap has entered price discovery mode,” contributor Darkfost wrote in a Quicktake blog post.
“This decline in spot trading activity may suggest the market is taking a breather as investors remain cautious.”
Binance spot trading volume (screenshot) Source: CryptoQuant
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.