Originally published on: November 22, 2024
Bitcoin faced a major hurdle reaching $100,000 recently due to significant sell-side liquidity blocking its path. The price of BTC dropped to around $97,300, down 1.2% at the time of writing. This resistance is common for Bitcoin around key psychological levels.
According to market data, a massive sell wall on Binance between $99.3k – $100k range is hindering BTC’s upward momentum. However, there has been a slight erosion in this barrier in the past few hours, indicating a possible breakthrough.
US-based Bitcoin exchange-traded funds (ETFs) continue to see significant institutional inflows, supporting BTC’s price momentum. Some traders are eyeing a potential retracement to the mid-$90,000 range, while others believe a return to upside is imminent.
Trader Roman pointed out bullish divergences on the four-hour relative strength index (RSI), suggesting a trend continuation in the near future. Despite the uncertainty, it’s essential to conduct thorough research before making any investment decisions.
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