Bitcoin saw a sharp rally on November 21, as liquidity pressure pushed the BTC price near $100,000.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin gap with sellers above $100,000 widens.
Trader Skew called a “pop” on last-request liquidity ahead of a key six-digit Bitcoin (BTC) price barrier, according to data from Cointelegraph Markets Pro and TradingView.
At the time of this writing, BTC/USD is up nearly 3%, below $3,000 below its historic performance.
“If a large seller takes a position, it will be here. It also makes sense in game theory in terms of first movers, requiring $100,000 of liquidity,” Skew said in a post on X.
“I think a deep sweep from here is a bid, otherwise prices will continue to go parabolic above $100,000.”
This is the BTC/USDT 15-minute chart. Source: Tilt/X
A further post noted that new requested liquidity is starting to arrive on exchange order books above $100,000. Conceptually, this is cathartic about price.
“Seeing new request liquidity here is a good confirmation that the market price is starting above $100,000,” Skew wrote.
“Big things will happen in the future.”
Cointelegraph has long reported on the importance of reaching $100,000, and Bitcoin got there faster than many imagined, rising 38% in three weeks.
“The average person cannot understand that Bitcoin is worth more than $100,000,” said Charles Edwards, founder of Capriole Investments, a quantitative Bitcoin and digital asset fund.
“For this reason, between 90 and 100 tons of supplies are unloaded. There is a flashback in excess of $100,000 as the public re-enters through FOMO.”
Liquidating BTC (screenshot). Source: Coinglass
According to data from monitoring resource CoinGlass, just over $92 million in short BTC liquidations took place in 24 hours at the time of writing.
BTC Price Support Retest “Welcome”
Words of caution came from those hoping for a retest of support to confirm market strength at higher levels.
relevant: Next BTC price rise of 90% is ‘inevitable’ as Bitcoin indicator breaks through
In its latest analysis post on X, trading resource Material Indicators suggested that the lower $90,000 range would be a suitable area to revisit.
Uploading a view of the BTC/USDT order book from the largest global exchange, Binance, they pointed out the lack of buy-side liquidity below the price if sellers gain control in a short period of time.
“FireCharts shows $BTC ask liquidity is stacked between $98,000 and $100,000 and bid liquidity is below that,” the post read.
“We welcome a test of local support at $91,000. There is a small buying wall at $95,000 that could keep the price higher and the momentum high.”
BTC/USDT order book data. Source: Material Indicators/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.