Bitcoin

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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) price is trying to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-rallies-hits-90k-peak-high" rel="" target="_blank" text="null" title="https://cointelegraph.com/news/bitcoin-price-rallies-hits-90k-peak-high">punch through the $90,000 level</a> but encountering some pushback. Let’s briefly explore why.
 On the BTC/USDT 1-hour chart, one can observe a block of sell orders at $90,000. As BTC price runs into these asks, the selling adds a bit of gravity to the price momentum, and the price pulls back slightly. Another block of asks can also be observed at $91,150.&nbsp;
<figure>
 <img alt="Here's why Bitcoin traders really want to punch through $90K" src="https://s3.cointelegraph.com/uploads/2024-11/0193223f-5638-76af-9e52-99d5b11e0f6b" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-hour chart. Source: TRDR.io
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</figure>
Looking at the aggregate order book also provides a clear view of how the $90,000 level is being defended. 
<figure>
 <img alt="Bitcoin Price, Markets, Market Update" src="https://s3.cointelegraph.com/uploads/2024-11/01932259-d987-7c36-a970-ed0ed3325231" title="">
 <figcaption style="text-align: center;">
 Aggregate BTC/USDT order book. Source: TRDR.io
 </figcaption>
</figure>
Bullish traders would like to push through the $90,000 level in order to begin liquidating short positions in this region that extend to $93,000.&nbsp;
<figure>
 <img alt="Here's why Bitcoin traders really want to punch through $90K" src="https://s3.cointelegraph.com/uploads/2024-11/01932240-1647-7276-a1e8-cc68ebd2ea76" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation map. Source: CoinGlass
 </figcaption>
</figure>
Further evidence of this push to break through $90,000 can also be seen in the surge in spot volumes, notably at Coinbase, where Bitcoin tends to trade at a premium.&nbsp;<advertisement>
 <figure>
 <img alt="Here's why Bitcoin traders really want to punch through $90K" src="https://s3.cointelegraph.com/uploads/2024-11/01932241-36a6-74b6-ba06-2dea9e4eef2a" title="">
 <figcaption style="text-align: center;">
 BTC/USD 4-hr chart. Source: TradingView
 </figcaption>
 </figure>
 Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinbase-launches-coin50-index-track-digital-assets" rel="" target="_blank" text="null" title="https://cointelegraph.com/news/coinbase-launches-coin50-index-track-digital-assets">Coinbase launches COIN50 Index to track digital assets</a>
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 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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Here's why Bitcoin traders really want to punch through $90K

Cointelegraph

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