bullish

Bitcoin

Material

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) faced a serious challenge hitting $100,000&nbsp;on Nov. 22 as $300 million in sell-side liquidity blocked the way.
<figure>
 <img alt="Bitcoin back to $90K next? Traders diverge on BTC price pullback odds" src="https://s3.cointelegraph.com/uploads/2024-11/0193545b-a67a-75b0-a884-3afa30a6a8b7" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="btc-price-teases-with-rejection-near-100-000">BTC price teases with rejection near $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 BTC price downside taking over at the Wall Street open.
BTC/USD fell to local lows of under $97,300 and was down around 1.2% on the day at the time of writing.
A trip toward the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-counts-down-100k-btc-price-shorts-risk-violent-breakout" rel="null" target="null" text="null" title="null">key six-figure mark</a> earlier ended in defeat as sellers lined up to prevent BTC’s price from climbing higher — a common feature for Bitcoin around key psychological levels.
“FireCharts shows a massive Bitcoin sell wall compressed between the $99.3k - $100k range,” trading resource Material Indicators confirmed in its <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1859966946604683658" rel="null" target="null" text="null" title="null">latest post on X</a>.
This referred to liquidity on the largest global exchange, Binance, with the $100,000 sell wall clearly standing out against other levels while building in strength over the past few hours.
“The good news is there has been a slight bit of erosion in the last few hours,” Material Indicators continued.
<blockquote>
 “The bad news is, it’s still nearly $300M in liquidity.”
</blockquote>
<figure>
 <img alt="Bitcoin back to $90K next? Traders diverge on BTC price pullback odds" src="https://s3.cointelegraph.com/uploads/2024-11/01935457-62f9-750b-86d3-55f6d67a2f4c" title="">
 <figcaption style="text-align: center;">
 BTC/USDT chart with order book liquidity data. Source: Material Indicators/X
 </figcaption>
</figure>
Accompanying volume data showed sell-side transactions dominated by amounts between $100 and $1,000, with whales still refraining from mass distribution.
“It would actually be good to see whales start dumping blocks&nbsp;of ask liquidity to force BTC into a support test and to ultimately make the wall easier to penetrate,” the post argued.
<blockquote>
 “With the ETF faucet turned off for the weekend, we could see some dip buying opportunities ahead.”
</blockquote>
United States spot Bitcoin exchange-traded funds (ETFs) achieved another day of net inflows above $1 billion on Nov. 21, reflecting <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-diamond-hand-sell-off-risks-etf-inflows-98k" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-diamond-hand-sell-off-risks-etf-inflows-98k">considerable institutional interest</a> supporting BTC price momentum.
<h2 id="bitcoin-four-hour-rsi-hints-at-bullish-comeback">Bitcoin four-hour RSI hints at bullish comeback</h2>
Others considered where a potential deeper price retracement may end up, with popular trader Crypto Chase <a data-ct-non-breakable="null" href="https://x.com/Crypto_Chase/status/1859941389729239147" rel="null" target="null" text="null" title="null">eyeing</a> $90,000 in what he called the “optimal scenario.”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-metric-breakout-inevitable-90-btc-price-rally-next" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-metric-breakout-inevitable-90-btc-price-rally-next">Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next</a>
<figure>
 <img alt="Bitcoin back to $90K next? Traders diverge on BTC price pullback odds" src="https://s3.cointelegraph.com/uploads/2024-11/01935458-8c77-7d00-a3b7-4d25cbe4b644" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 12-hour chart. Source: Crypto Chase/X
 </figcaption>
</figure>
Fellow trader CJ had a higher target focused on the mid-$90,000 range.
<figure>
 <img alt="Bitcoin back to $90K next? Traders diverge on BTC price pullback odds" src="https://s3.cointelegraph.com/uploads/2024-11/01935458-ef34-77a1-8228-fc685c5407d0" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/CJ900X/status/1859946199085638128" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/CJ900X/status/1859946199085638128">CJ</a>
 </figcaption>
</figure>
In support of a return to upside, meanwhile, trader Roman noted promising bullish divergences on the four-hour relative strength index (RSI).
This fell 10 points on the day, dipping below the key 70 “overbought” level.
“Big bull divs forming between price &amp; RSI here. We should see trend continuation as a result,” he told X followers on the day.&nbsp;
<blockquote>
 “I think we break 100k today or tomorrow as this entire trend looks very strong.”
</blockquote>
<figure>
 <img alt="Bitcoin back to $90K next? Traders diverge on BTC price pullback odds" src="https://s3.cointelegraph.com/uploads/2024-11/0193545a-17e6-7439-b7b0-22cd4a0df48c" title="">
 <figcaption style="text-align: center;">
 BTC/USD 4-hour chart with RSI data. Source: TradingView
 </figcaption>
</figure>
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 back to $90K next? Traders diverge on BTC price pullback odds

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