Originally published on: November 22, 2024
Bitcoin came tantalizingly close to reaching the $100,000 mark on November 22, as bullish momentum pushed the price to new all-time highs. The cryptocurrency briefly dipped below $96,000 before bouncing back during the Asia trading session, setting the stage for a potential surge to six figures.
According to trader Skew, the market may witness a “violent breakout” once Bitcoin surpasses the $100,000 barrier, with significant liquidity clustered around this key level. The presence of limit bids moving higher and underlying spot buyers signal a positive market sentiment, hinting at further upside potential.
Despite the imminent milestone, some traders are tempted to short Bitcoin at current levels, risking liquidations as the market continues to heat up. Data from CoinGlass indicated a significant amount of short BTC liquidations in the previous session, emphasizing the potential risks associated with bearish positions in this high-stakes environment.
Meanwhile, onchain analytics platform CryptoQuant observed a decline in Binance’s aggregate trading volume following a surge earlier this month when the overall crypto market cap reached new all-time highs. This shift in trading activity underscores the evolving dynamics of the market as investors navigate price discovery mode.
As Bitcoin inches closer to $100,000, the crypto community awaits a potential breakout that could define the next phase of its price trajectory. With unprecedented levels of interest and investment pouring into the market, all eyes are on Bitcoin as it approaches this historic milestone. Stay tuned for more updates on this developing story.