Bitcoin

Material

Daily

Bitcoin was fighting for the top of its range on Nov. 13 after a brief spike above $90,000 marked a new all-time high.
<figure>
 <img alt="New Bitcoin price all-time high 'unlikely' as trader eyes $70K floor" src="https://s3.cointelegraph.com/uploads/2024-11/0193241b-5464-718e-bafb-6a0a001b88d2" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="br-bitcoin-price-needs-to-slow-down-the-pace"> Bitcoin price needs to “slow down the pace”</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> confirmed a new record Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price of $90,240 on Bitstamp into the latest daily close. After multiple attempts to crack the $90,000 level, bulls <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/here-s-why-bitcoin-traders-really-want-to-punch-through-90-k" rel="null" target="null" text="null" title="null">ultimately succeeded</a> — but only briefly.
Volatility remained high as the psychological significance of a round number combined with heavy sell-side liquidity and a market that some said was already overstretched.
“BTC needs to slow down the pace and build some structural support in the new range,” Keith Alan, co-founder of trading resource Material Indicators, <a data-ct-non-breakable="null" href="https://x.com/KAProductions/status/1856217646942871890" rel="null" target="null" text="null" title="null">said</a> on X on Nov. 12.&nbsp;
<blockquote>
 “$80M in BTC ask liquidity stacked at $90k, and a $177M sell wall at $100k ‘should’ pump the brakes.”
</blockquote>
<figure>
 <img alt="New Bitcoin price all-time high 'unlikely' as trader eyes $70K floor" src="https://s3.cointelegraph.com/uploads/2024-11/01932415-f193-7a8b-a0f5-96660c6e6b39" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap. Source: CoinGlass
 </figcaption>
</figure>
Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="null" target="null" text="null" title="null">CoinGlass</a> showed that liquidity at $90,000 continued to thicken as the price lingered around 2% lower.
Flagging a signal from one of its proprietary trading tools, Material Indicators said that the status quo may remain in the short term.
“Trend Precognition is flashing a new [down] signal on the $BTC Daily chart,” it <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1856528105210294312" rel="null" target="null" text="null" title="null">announced</a> to X followers.&nbsp;
<blockquote>
 “It's signaling that price isn't likely to make a new ATH over the next 24 hrs, however, proceed with caution as periods of euphoria could push price back up and invalidate this signal before it prints at the close.”
</blockquote>
<figure>
 <img alt="New Bitcoin price all-time high 'unlikely' as trader eyes $70K floor" src="https://s3.cointelegraph.com/uploads/2024-11/01932416-8c34-79de-b61f-c5220359a3a4" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Material Indicators/X
 </figcaption>
</figure>
Cautious market participants see rangebound behavior taking over before any potential upside continuation.
Among them was trader Credible Crypto, who previously posted strong reactions on social media by predicting a BTC price crash to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-major-leg-down-btc-price-nears-80k" rel="null" target="null" text="null" title="null">$50,000 or lower</a>.
“While I still don’t believe this is the impulsive move that most believe it is- $BTC has gone quite a bit higher than expected which changes things a bit on my end from a trading perspective,” he <a data-ct-non-breakable="null" href="https://x.com/CredibleCrypto/status/1856399189220995330" rel="null" target="null" text="null" title="null">said</a> in his latest dedicated X post on Bitcoin.&nbsp;
<blockquote>
 “Really only two ways about this atm: 1. This is a massive bull trap 2. We keep going up In either scenario I would expect to see a few weeks of chop between 70-90k.”
</blockquote>
Even the more bullish BTC price perspectives now call for some cooling-off — though an attack on six figures is on the radar.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/80k-btc-price-gold-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">$80K BTC price chases gold — 5 things to know in Bitcoin this week</a>
In an explanatory <a data-ct-non-breakable="null" href="https://x.com/woonomic/status/1856400553577988393" rel="null" target="null" text="null" title="null">X post</a>, statistician Willy Woo, creator of Bitcoin data platform Woobull, tied performance to liquidity trends and Fibonacci extension levels.
“In these situations we have 2 guides to find new resistances. Fibonacci bands, using magic numbers seen in nature, and real liquidation levels of market positions,” he wrote.
<blockquote>
 “88-91k was the first target. We hit it. Consolidation should happen here. This is both from local fib levels and liquidation levels where most of the shorts have been taken out, it's the end of compulsory buying from short sellers getting culled.”
</blockquote>
<h2 id="woo-highlights-102-000-fibonacci-line">Woo highlights $102,000 Fibonacci line</h2>
<figure>
 <img alt="New Bitcoin price all-time high 'unlikely' as trader eyes $70K floor" src="https://s3.cointelegraph.com/uploads/2024-11/01932419-0dda-7e11-b2be-78d70d4d5bcf" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Woo added that the area just above $100,000 would be the next make-or-break BTC price zone.
“102k is the next macro fib, using last cycle high and this cycle low,” he concluded.&nbsp;
<blockquote>
 “Let's see where new liquidations cluster around, but for now, that's our next target based on fibs.”
</blockquote>
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.

New Bitcoin price all-time high 'unlikely' as trader eyes $70K floor

Table of Contents

Cointelegraph

Other articles published on Nov 13, 2024

Crypto firms push for SEC changes, crypto out of courts

New Department of Government Efficiency Will Be Led by Musk

Sentz Launches Webinar Series to Empower Freelancers, Creators, and Tech Enthusiasts in Global Ma...

Bitcoin Hits All-Time High of $75,000 Amid U.S. Election Buzz

Here's How Much Bitcoin (BTC) Cardano Foundation Holds: Report

Binance Co-Founder Yi He Denies Claims of High Listing Fees on the Exchange

Join our free newsletter for daily crypto updates!