Bitcoin (BTC) price is attempting to break the $90,000 level but is experiencing some resistance. Let’s take a quick look at why.
On the BTC/USDT 1-hour chart, we can see a block of sell orders at $90,000. As BTC price hits these demands, the selling adds some gravitas to the price momentum and the price falls slightly. Another request block can also be seen at $91,150.
BTC/USDT 1-hour chart. Source: TRDR.io
Looking at the entire order book, we can clearly see how the $90,000 level is being defended.
Count the BTC/USDT order book. Source: TRDR.io
Bullish traders would like to break above the $90,000 level to begin liquidating short positions that extend to $93,000 in this area.
BTC/USDT liquidation map. Source: Coinglass
Further evidence of this push to break $90,000 can also be seen in the surge in spot trading volume on Coinbase, where Bitcoin tends to trade at a premium.
BTC/USD 4-hour chart. Source: TradingView
relevant: Coinbase Launches COIN50 Index to Track Digital Assets
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.