Originally published on: November 12, 2024
Bitcoin enthusiasts are eagerly watching as the price of Bitcoin BTC climbs closer to the coveted $90,000 mark, facing some resistance along the way. But why exactly are traders so determined to punch through this significant milestone?
On the BTC/USDT 1-hour chart, a noticeable cluster of sell orders at $90,000 is causing a slight pullback in price momentum each time BTC approaches this level. Additionally, another hurdle can be seen at $91,150, indicating a tough battle for Bitcoin to overcome.
As shown in the aggregate order book, it’s clear that the $90,000 level is being fiercely defended, highlighting the importance of this key resistance point for both bulls and bears in the market.
Bullish traders are keen on surpassing $90,000 to trigger the liquidation of short positions in the $93,000 region, a move that could lead to a further surge in Bitcoin’s price.
The surge in spot volumes, particularly on platforms like Coinbase where Bitcoin is traded at a premium, further reinforces the push to break through the $90,000 barrier and potentially trigger a bullish uptrend.
With tensions rising and traders closely watching the price action, it remains to be seen whether Bitcoin will successfully punch through $90,000 and pave the way for new highs in the market. Stay tuned for more updates on this exciting development.