Bitcoin’s Price May Reach $90,000 Again Soon, But Traders Differ on Odds of a BTC Price Pullback

On November 22, Bitcoin (BTC) encountered a significant challenge in reaching the coveted $100,000 mark as $300 million in sell-side liquidity obstructed its path.

Technical Analysis and Market Data

Data from Cointelegraph Markets Pro and TradingView demonstrated that BTC price was reversing at the Wall Street open. At the time of writing, the BTC/USD rate had fallen to local lows of under $97,300, with a daily decline of approximately 1.2%.

BTC/USD 1-Hour Chart

• Source: TradingView

A previous attempt by BTC to breach the key six-figure market level ended in defeat as sellers lined up to prevent further price appreciation—a common phenomenon for Bitcoin around significant psychological levels.

Sell Wall and Liquidity Analysis

Material Indicators, a trading resource, confirmed in its latest post on X that ‘FireCharts shows a massive Bitcoin sell wall compressed between the $99.3k – $100k range.’ This liquidity was primarily observed on Binance, with the $100,000 sell wall clearly standing out against other levels while increasing in strength over the past few hours.

BTC/USDT Chart with Order Book Liquidity Data

• Source: Material Indicators/X

Accompanying volume data indicated that sell-side transactions were dominated by amounts between $100 and $1,000. Notably, whales remained hesitant to engage in mass distribution, which could potentially lead to a more significant price correction.

Market Outlook and Potential Price Targets

In light of the current market dynamics, several traders shared their insights on potential price targets and market movements.

• Crypto Chase: In an optimal scenario, Crypto Chase is eyeing $90,000.
  • Source: Crypto Chase/X
• CJ: This trader has a higher target focused on the mid-$90,000 range.
  • Source:CJ

Meanwhile, trader Roman noted promising bullish divergences on the four-hour relative strength index (RSI). The RSI fell 10 points on the day, dipping below the key 70 ‘overbought’ level.

BTC/USD 4-Hour Chart with RSI Data

• Source: TradingView

Roman’s observation suggests that trend continuation is likely to occur as a result of these bullish divergences. He confidently stated, ‘I think we break 100k today or tomorrow as this entire trend looks very strong.’

Investment Considerations and Market Volatility

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.

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