Bitcoin

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Bitcoin kept up pressure on $94,000 into the Nov. 20 Wall Street open as bidders bought up BTC price dips.
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 <img alt="Bitcoin Price, Markets, Market Analysis" src="https://s3.cointelegraph.com/uploads/2024-11/019349bd-1e2f-7f92-a2c2-2f1aec6790bf" title="">
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 BTC/USD 4-hour chart. Source: TradingView
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<h2 id="btc-price-record-highs-dislodge-dormant-coins">BTC price record highs dislodge dormant coins</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> followed BTC/USD as it staged yet another rebound, this time from lows of $91,500.
Characteristic bullish moves meant Bitcoin’s (<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>) new all-time highs of $94,374 on Bitstamp came before the US trading session began.
Trader Skew eyed shifting liquidity conditions on exchange order books. “Someone got fomo?” he queried in one of his <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1859164527046373836/photo/1" rel="null" target="null" text="null" title="null">latest posts</a> on X, also <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1859159066477793398" rel="null" target="null" text="null" title="null">noting</a> both spot and perp market bidding.
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 <img alt="BTC price all-time high above $94K comes amid Bitcoin sell-off warning" src="https://s3.cointelegraph.com/uploads/2024-11/01934984-7ecf-7ae2-8b4f-83361482068a" title="">
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 BTC/USDT chart with order book liquidity data. Source: Skew/X
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Fellow trader CrypNuevo reiterated that the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-weekly-close-nears-90k-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">mid-$90,000 area</a> could be the next stop for BTC/USD before a fresh consolidation phase.
“Not expecting to break $100k in the first attempt so looking for a reversal from mid-high $90ks, around $96k zone. Then, focus on the next buying opportunities during the pullback,” he <a data-ct-non-breakable="null" href="https://x.com/CrypNuevo/status/1859188052825952689" rel="null" target="null" text="null" title="null">told</a> X followers.
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 <img alt="BTC price all-time high above $94K comes amid Bitcoin sell-off warning" src="https://s3.cointelegraph.com/uploads/2024-11/01934984-fa0f-7d67-aa5c-1b5a294978a2" title="">
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 BTC/USDT 1-hour chart. Source: CrypNuevo/X
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Striking a cautionary note was research from onchain analytics platform CryptoQuant, which warned that long-term holders were distributing BTC at current prices.
“Market tops often occur when long-held Bitcoin is reactivated,” an X post read, referring to the Coin Days Destroyed metric.&nbsp;
This measures the dormancy of BTC held in a given address, and is already well on the way to classic top territory.
“Watch for Coin Days Destroyed spiking above 15–20 million as a key signal,” CryptoQuant advised alongside a corresponding chart.
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 <img alt="BTC price all-time high above $94K comes amid Bitcoin sell-off warning" src="https://s3.cointelegraph.com/uploads/2024-11/01934985-9d51-7aff-9428-f52cbf72bc0f" title="">
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 Coin Days Destroyed chart. Source: CryptoQuant/X
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<h2 id="bitcoin-etf-options-success-adds-to-bullish-mood">Bitcoin ETF options success adds to bullish mood</h2>
Optimism nonetheless rose as options began trading on asset manager BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF).&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-metric-breakout-inevitable-90-btc-price-rally-next" rel="null" target="null" text="null" title="null">Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next</a>
The first day was a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etf-options-unheard-of-day-one-volume" rel="null" target="null" text="null" title="null">resounding success</a>, with industry executive Joe Consorti noting bets on BTC/USD finishing the year above $100,000.
Earlier, Filbfilb, co-founder of trading suite DecenTrader, forecast the options would have a long-term cathartic impact on BTC price action.
“Short-term impact: More volatility and speculative price swings. Long-term impact: Cemented gold’s status as a key hedge in diversified portfolios,” he <a data-ct-non-breakable="null" href="https://x.com/filbfilb/status/1858587387338928269" rel="null" target="null" text="null" title="null">said</a> in a dedicated X thread this week.
Trading firm QCP Capital was equally positive on the launch.
“This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class,” it wrote in a latest update to Telegram channel subscribers.
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 “This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets.”
</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.

BTC price all-time high above $94K comes amid Bitcoin sell-off warning

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