Conflicting Views on Bitcoin’s Future: Is $90,000 the Next Stop?
The Bitcoin (BTC) market is currently a battleground of mixed predictions regarding its price movement.While some analysts foresee a substantial correction, others anticipate a surge propelled by the relative strength index (RSI) that could push Bitcoin past the $100,000 milestone.
On November 22, Bitcoin faced formidable resistance in its quest to breach the $100,000 mark, largely due to an overwhelming $300 million in sell-side liquidity.According to insights from Cointelegraph Markets Pro and TradingView, BTC’s price began to wane right after Wall Street opened for trading.
As of the latest updates, BTC/USD had slipped to just below $97,300, reflecting a decline of around 1.2% during that session.
Attempts to reach the coveted six-figure range fell short, hampered by strategically placed sellers who often block Bitcoin’s path as it nears crucial psychological thresholds.
Market Dynamics and Sell Walls
Recent analysis by Material Indicators revealed the presence of a robust sell wall between $99,300 and $100,000, signaling substantial liquidity on Binance, one of the world’s premier exchanges.This barrier has only become more formidable in recent hours. In examining transaction volume, it was found that most sell-side trades fell within the range of $100 to $1,000.
Larger investors, commonly referred to as “whales,” have not initiated significant sell-offs.
A careful unwinding of their ask liquidity might create conditions conducive to retesting support levels, increasing the possibility of breaking through that reinforced sell wall.
Adding to the complexity of this market scenario, institutional investments in U.S. spot Bitcoin exchange-traded funds (ETFs) exceeded $1 billion as of November 21, maintaining a hopeful atmosphere amid ongoing challenges.
Diverging Opinions on Price Movements
Some traders are speculating about potential price corrections.Crypto Chase mentioned that a decline to $90,000 could be the “optimal scenario.” Meanwhile, another trader, CJ, is eyeing targets in the mid-$90,000s.
Contrarily, Roman observed promising bullish divergences on the four-hour RSI, which had recently dropped below the significant “overbought” threshold of 70 after falling 10 points.
He shared insights with his followers, emphasizing that the notable bullish divergences between price movements and RSI readings might signal an extension of the current bullish trend.
Roman expressed optimism, suggesting that Bitcoin could still potentially surpass $100,000 in the next couple of days, given the overall strength of market trends. This article serves purely for informational purposes and does not constitute investment advice.
Trading and investing, by their very nature, involve risks, and it’s essential for individuals to conduct thorough research before making any financial decisions. “`html
Source: Cointelegraph.com
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