Originally published on: November 12, 2024
Bitcoin traders are eagerly waiting for the cryptocurrency to break through the $90,000 level, but it seems like they are facing some resistance. Let’s take a closer look at the current situation.
On the BTC/USDT 1-hour chart, a cluster of sell orders at $90,000 is causing some hindrance. As Bitcoin’s price approaches this level, the selling pressure is causing the price to retract slightly. Additionally, there is another significant block of sell orders at $91,150.
Despite these challenges, bullish traders are determined to surpass the $90,000 mark to start unwinding short positions in the $93,000 range. The aggregate order book clearly shows how this key level is being defended.
Moreover, a noticeable increase in spot volumes, particularly on Coinbase, indicates a strong push to break through $90,000. Bitcoin often trades at a premium on Coinbase, adding to the anticipation of a breakthrough.
While the path to $90,000 may not be smooth, traders are optimistic about the potential liquidation of short positions and the opportunities it may bring. Stay tuned for more updates on this exciting development in the Bitcoin market.
