Originally published on: November 12, 2024
Bitcoin traders are eagerly anticipating the potential breakthrough of the $90,000 level, but facing some resistance along the way. Let’s delve into why this milestone is crucial for the cryptocurrency.
On the BTC/USDT 1-hour chart, a cluster of sell orders is hindering the ascent past $90,000. The presence of these orders exerts downward pressure on the price, causing a slight pullback. Additionally, there is another barrier at $91,150, indicating further challenges ahead.
As reflected in the aggregate order book, the defense of the $90,000 level is apparent, suggesting a fierce battle between buyers and sellers. Bulls are keen to surpass this important threshold to trigger the liquidation of short positions, particularly in the $93,000 range.
The rally towards $90,000 is also supported by the uptick in spot volumes, especially on platforms like Coinbase where Bitcoin typically commands a premium. This surge in trading activity indicates growing optimism and momentum in the market.
While the road to $90,000 may be daunting, traders are hopeful that breaking through this barrier will pave the way for further gains and potential profit-taking opportunities. Keep a close eye on Bitcoin’s price action in the coming days to gauge the likelihood of a successful breach.
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