Originally published on: November 22, 2024
Bitcoin is inching closer to the coveted $100,000 mark as bullish momentum pushes the price up to new all-time highs. On November 22, Bitcoin reached $97,222, almost touching $99,500 on Bitstamp, marking a significant milestone for the leading cryptocurrency.
Market experts foresee a potential ‘violent breakout’ once Bitcoin surpasses the key $100,000 threshold, with traders closely monitoring the ask liquidity in the upper $99,000 range. The presence of limit bids and growing spot buyers signal a positive market sentiment, hinting at further upside potential.
Interestingly, some traders are considering shorting Bitcoin at current levels, but the risk of liquidations looms large. Recent data shows that short BTC positions liquidations soared to nearly $115 million, prompting caution among traders who anticipate a significant price movement.
Amidst the market excitement, CryptoQuant noticed a decline in Binance’s aggregate trading volume following the cryptocurrency market cap’s surge to new all-time highs. This observation poses some interesting questions about the future trajectory of trading activity in the crypto space.
As Bitcoin continues its upward trajectory, investors are advised to conduct thorough research and exercise caution before making any investment decisions. The crypto market remains volatile, and understanding the risks involved is crucial for sound investment strategies.
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