Bitcoin (BTC) fluctuated near record highs on November 19 as geopolitical tensions sparked volatility in risk assets.
BTC/USD 1-hour chart. Source: TradingView
BTC price analysis shows $94,000 in liquidity
Data from Cointelegraph Markets Pro and TradingView showed BTC price rising 2.4% on the day, after a brief decline at the opening on Wall Street.
There was market volatility as U.S. stocks reacted to the escalating conflict between Russia and Ukraine.
BTC/USD did not stay low for long, but bounced back to $92,700, within $1,000 of its record high posted on November 13th.
Popular trader Skew, in his comments, suggested that the imminent launch of options on asset manager BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) is keeping the price in a narrow channel.
“But the main detail so far is that with LTF HL there will be higher bid limits,” he posted on X, referring to bid liquidity moving up exchange order books.
BTC liquidation heatmap (screenshot). Source: Coinglass
Meanwhile, most of the sell-side interest is around existing highs, reaching $94,000, according to data from monitoring resource CoinGlass.
Fellow trader Daan Crypto Trades added, “Large cluster of liquidations over $93K, which is an all-time high.”
“The longer price consolidation around this area continues, the more likely we are to hit new highs as more and more positions continue to build.”
Bitcoin exchange liquidation map (screenshot). Source: Coinglass
Trader Justin Bennett predicted optimistic near-term results for the current situation as he sees liquidity hunting and bulls challenging $100,000.
“For BTC, this sideways PA attracted short selling and led to liquidations close to $94,000,” he told
“Short selling is likely to continue, but with Tether dominating the 2018 trendline, the question is will the $94,000 sweep turn into a deviation, or can Bitcoin finally make its way towards $100,000?”
BTC/USDT 4-hour chart. Source: Justin Bennett/X
NVIDIA earnings are seen as a key moment for the market
Cryptocurrency traders also took note of Nvidia’s upcoming corporate earnings release, an event scheduled for November 20th. Still, if the numbers are surprising, they could trigger market-wide volatility.
relevant: Next BTC price rise of 90% is ‘inevitable’ as Bitcoin indicator breaks through
“Options markets tomorrow are hinting at a 12% move following the earnings release,” trading resource The Kobeissi Letter wrote as part of its X summary for the day.
“Nvidia’s profits are huge.”
US technology stock options premium data. Source: Kobei City Letter/X
As Cointelegraph reported, in early November Nvidia once again surpassed Apple to become the most valuable company in the world.
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