Bitcoin

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Bitcoin made snap gains on Nov. 21 as a liquidity squeeze took BTC price action to near $100,000.
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 <img alt="Bitcoin 'teleportation' due as traders bet on BTC price passing $100K" src="https://s3.cointelegraph.com/uploads/2024-11/01934ddf-7590-7f99-ad79-fe6b03e7ffbb" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-gaps-higher-with-sellers-above-100-000">Bitcoin gaps higher with sellers above $100,000</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> showed what trader Skew <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1859453779009208426" rel="null" target="null" text="null" title="null">called</a> a “pop” into final ask liquidity before the key six-figure 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 barrier.
Up nearly 3% on the day at the time of writing, BTC/USD was less than $3,000 from a historic achievement.
“If large sellers are to make a stand it’s here, also in game theory it makes sense in terms of front running $100K ask liquidity,” Skew said in a post on X.
<blockquote>
 “I think any deep sweep from here is a bid, else price will continue to go parabolic above $100K.”
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 <img alt="Bitcoin 'teleportation' due as traders bet on BTC price passing $100K" src="https://s3.cointelegraph.com/uploads/2024-11/01934dda-ffc0-793d-b7e6-06fb340b9e33" title="">
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 BTC/USDT 15-minute chart. Source: Skew/X
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A <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1859461884845740383" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/52kskew/status/1859461884845740383">further post</a> noted that new ask liquidity was beginning to arrive on exchange order books above $100,000 — something notionally cathartic for price.
“New ask liquidity showing up here is a good confirmation of the market starting to price above $100K,” Skew wrote.
<blockquote>
 “Big day ahead.”
</blockquote>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-to-100-k-what-will-milestone-mean-for-derivatives-markets" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-to-100-k-what-will-milestone-mean-for-derivatives-markets">Cointelegraph has long reported</a> on the significance of the $100,000 mark, which has come within reach more quickly than many imagined, with Bitcoin gaining 38% in three weeks.
“The normie mind cannot comprehend Bitcoin &gt; $100K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, <a data-ct-non-breakable="null" href="https://x.com/caprioleio/status/1859352095037718711" rel="null" target="null" text="null" title="null">said</a>.&nbsp;
<blockquote>
 “A ton of supply unloading between 90-100 for this reason. Teleportation occurs beyond $100K as the masses re-enter with FOMO.”
</blockquote>
<figure>
 <img alt="Bitcoin 'teleportation' due as traders bet on BTC price passing $100K" src="https://s3.cointelegraph.com/uploads/2024-11/01934ddc-227f-78cf-be34-51dafac73619" title="">
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 BTC liquidations (screenshot). Source: CoinGlass
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Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">CoinGlass</a> put short BTC liquidations in the 24 hours to the time of writing at just over $92 million.
<h2 id="btc-price-support-retest-welcome">BTC price support retest “welcome”</h2>
A word of warning came from those hoping for a support retest to confirm market strength at higher levels.
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>
In its latest <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1859461221189120447" rel="null" target="null" text="null" title="null">analytics post</a> on X, trading resource Material Indicators suggested that the low $90,000 range would be a suitable zone to revisit.
Uploading a view of the BTC/USDT order book of the largest global exchange, Binance, it noted a lack of buy-side liquidity below price should sellers gain control on low timeframes.
“FireCharts shows $BTC ask liquidity stacked from $98k- $100k, and thin bid liquidity below,” the post read.&nbsp;
<blockquote>
 “I’d welcome a test of local support at $91k, there’s a small buy wall at $95k that may keep price elevated and momentum high.”
</blockquote>
<figure>
 <img alt="Bitcoin 'teleportation' due as traders bet on BTC price passing $100K" src="https://s3.cointelegraph.com/uploads/2024-11/01934ddc-f36b-7578-b400-4f831c280218" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book data. Source: Material Indicators/X
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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.

Bitcoin 'teleportation' due as traders bet on BTC price passing $100K

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