As the world watches in awe, Bitcoin (BTC) has reached a pivotal moment in its price journey. On November 22, the flagship cryptocurrency flirted with an all-time high of nearly $100,000, leaving investors and traders on edge.
BTC/USD 1-Hour Chart: A Showdown Looms
Data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin’s price has reached a new all-time high near $99,500 on Bitstamp. After dipping briefly below $96,000, BTC/USD rebounded into the Asia trading session, setting up what could be a climactic showdown with six figures.
Trader Skew Predicts Violent Breakout
Commenting on the action, trader Skew predicted that a "violent breakout" may result once the price clears ask liquidity near the key $100,000 mark. Skew noted:
Still seeing limit bids moving higher with underlying spot buyers ~ Positive market signal.
A lot of aggregate spot supply around $100K. Price currently is chewing away at this supply, before this has preceded a pretty violent breakout.
An accompanying chart showed ladders of asks clustered in the upper $99,000 area on the Binance order book, indicating that traders are eager to buy in as prices approach all-time highs.
Skew’s Chart: Aggregated Spot Supply and Ask Liquidity
BTC/USDT 15-minute chart. Source: Skew/X
Keith Alan Warns of Shorts Getting "Lured In"
Earlier, Skew eyed asks appearing above $100,000 as a suggestion that the market was pricing in further "parabolic" upside once it is reached. Keith Alan, co-founder of trading resource Material Indicators, noted that some traders were tempted to short BTC at current levels.
Shorts are getting lured in,’ he reported, echoing Skew on the likely consequences.
If you are taking the bait, be prepared to get squeezed.
Shorts Are Getting Squeezed: Liquidations Reach $115 Million
The day prior, data from monitoring resource CoinGlass confirmed that short BTC liquidations reached just shy of $115 million. This suggests that traders who bet against Bitcoin’s price are facing significant losses as the market pushes higher.
Binance Avoids "FOMO" Volume Spike
Observing exchange activity, meanwhile, onchain analytics platform CryptoQuant noted a curious trend. After spiking as the overall crypto market cap beat its old all-time highs earlier this month, Binance’s aggregate trading volume has declined.
Binance spot trading volume (screenshot). Source: CryptoQuant
According to contributor Darkfost in a Quicktake blog post:
The recent surge in spot trading volume (60B) on Binance occurred on November 12, coinciding with the crypto market cap nearing its previous ATH.
However, trading volume has since decreased by half meanwhile the total crypto market cap enters price discovery mode.
This decline in spot trading activity may suggest that the market is taking a breather, with investors exercising caution as prices approach all-time highs.
Market Takeaways
- Bitcoin’s price has reached a new all-time high near $99,500 on Bitstamp.
- Trader Skew predicts a "violent breakout" once the price clears ask liquidity near $100,000.
- Shorts are getting squeezed with liquidations reaching just shy of $115 million.
- Binance’s aggregate trading volume has declined after spiking earlier this month.
Investor Alert
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Stay Informed: Markets Outlook Newsletter
Critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday.
Subscribe by clicking the link below:
Subscribe to Markets Outlook newsletter
By subscribing, you agree to our Terms of Services and Privacy Policy.
