Bitcoin maintained pressure on $94,000 until the Wall Street open on November 20 as bidders pushed the price of BTC lower.
BTC/USD 4-hour chart. Source: TradingView
BTC Price Record Highest Dormant Coin Removal
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD, this time bouncing off a low of $91,500.
The characteristic bullish move meant that Bitcoin (BTC)’s all-time high of $94,374 on Bitstamp was reached before the start of the US trading session.
Trader Skew noted changes in liquidity conditions on exchange orders. “Has anyone got any information?” He mentioned spot market and perpetual market bidding in one of his latest posts on X.
BTC/USDT chart with order book liquidity data. Source: Tilt/X
Fellow trader CrypNuevo reiterated that the mid-$90,000 region could be the next stop for BTC/USD before a new consolidation phase.
“We are not expected to break $100,000 on the first try, so we are looking for a reversal in the mid-$90,000s, around the $96,000 area. Then focus on the next buying opportunity during the downturn,” he told X followers.
BTC/USDT 1-hour chart. Source: CrypNuevo/X
Of note is a study by on-chain analytics platform CryptoQuant, which warned that long-term holders are distributing BTC at current prices.
“Market tops often occur when long-held Bitcoin reactivates,” the X post says, referencing the Coin Days Destroyed indicator.
This measures the dormancy of BTC held at a specific address and is already heading into classic high territory.
“Watch for Coin Days Destroyed to surge above $15-$20 million as a key signal,” CryptoQuant advised along with the corresponding chart.
Coin disposal days chart. Source: CryptoQuant/X
The success of Bitcoin ETF options adds to the optimism.
Nonetheless, optimism rose as options trading began for asset manager BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF).
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The first day was a huge success, with industry executive Joe Consorti noting that the year ended with over $100,000 in bets on BTC/USD.
Previously, Filbfilb, co-founder of the DecenTrader trading suite, predicted that the options would have a long-term cathartic impact on BTC price action.
“Short-term impacts: increased volatility and speculative price movements. Long-term impact: Gold’s position as a key hedge in diversified portfolios is solidified,” he said in a dedicated X thread this week.
Trading firm QCP Capital was equally positive about the launch.
“This activity puts IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class,” he said in his latest update to subscribers of his Telegram channel. wrote in
“This market response will help solidify Bitcoin’s position in the mainstream market by attracting a new set of investors and enabling a variety of trading strategies, reducing both volatility and downside risk.”
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.