Bitcoin (BTC) faced a serious challenge of breaking the $100,000 mark on November 22, with $300 million of selling liquidity blocked.
BTC/USD 1-hour chart. Source: TradingView
BTC price rejected near $100,000.
BTC prices continued to decline at the opening bell on Wall Street, according to data from Cointelegraph Markets Pro and TradingView.
BTC/USD fell to a local low below $97,300 and is down about 1.2% on the day at the time of this writing.
Earlier, the journey towards the key six-figure mark ended in defeat as sellers lined up to prevent the BTC price from going higher. This is a general characteristic of Bitcoin at a key psychological level.
“FireCharts shows a massive Bitcoin selling wall compressed between the $99.3,000 – $100,000 range.” Trading resource Material Indicators confirms this in its latest post about X.
This refers to liquidity on Binance, the largest global exchange, which has been bullish over the past few hours, with its $100,000 sell wall standing out significantly compared to other levels.
“The good news is that there has been some erosion over the past few hours,” Material Indicators said.
“The bad news is that liquidity is still close to $300 million.”
BTC/USDT chart with order book liquidity data. Source: Material Indicators/X
Accompanying volume data shows that sell-side transactions are dominated by amounts between $100 and $1,000, with whales still refraining from bulk distribution.
“It would actually be nice to see whales start dumping liquidity request blocks to get BTC into support testing and ultimately make it easier to break through the wall,” he argued.
“With the ETF faucet turning off over the weekend, we could see dip-buying opportunities ahead.”
The U.S. spot Bitcoin exchange-traded fund (ETF) achieved another day of net inflows of more than $1 billion on November 21, reflecting significant institutional interest supporting BTC price momentum.
Bitcoin 4-hour RSI hints at a bullish comeback
Others have considered where a potential deeper price retracement could end up, with popular trader Crypto Chase eyeing $90,000, which he calls the “optimal scenario.”
relevant: Next BTC price rise of 90% is ‘inevitable’ as Bitcoin indicator breaks through
BTC/USDT 12-hour chart. Source: Crypto Chase/X
Fellow trader CJ had a higher target, focusing on the mid-$90,000 range.
source: C.J.
Meanwhile, trader Roman supported the bullish return, noting that a bullish divergence was promising in the 4-hour Relative Strength Index (RSI).
It fell 10 points on the day, falling below the key 70 “overbought” level.
“This is where a big bull market develops between price and RSI. As a result, we should see the trend continue,” he told X followers that day.
“I think we will break the 100,000 mark today or tomorrow because the overall trend looks very strong.”
BTC/USD 4-hour chart with RSI data. Source: TradingView
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.