As of November 13, Bitcoin (BTC) was trading at an all-time high of $90,240 on Bitstamp, marking a new milestone in its relentless ascent.
A Brief History of the Price Spike
The price surge above $90,000 was not without its challenges. For weeks, bulls had been trying to crack this psychological barrier, but were met with significant resistance from sell-side liquidity and market fatigue. It wasn’t until recently that the market finally breached this level, only to momentarily dip back down.
Volatility Remains High
The excitement surrounding Bitcoin’s new all-time high is palpable, but volatility remains a major concern. The psychological significance of reaching $90,000, combined with heavy sell-side liquidity and an already overstretched market, has created a perfect storm of uncertainty.
Material Indicators Weighs In
Keith Alan, co-founder of trading resource Material Indicators, offered his insights on the current market conditions: "BTC needs to slow down the pace and build some structural support in the new range. $80M in BTC ask liquidity stacked at $90k, and a $177M sell wall at $100k ‘should’ pump the brakes."
He further emphasized that volatility remains high due to the lack of structural support in the market: "The trend is your friend until it isn’t." Alan’s comments were echoed by others who share similar concerns about the sustainability of Bitcoin’s price.
CoinGlass Data Highlights Liquidity Concerns
Data from monitoring resource CoinGlass revealed that liquidity at $90,000 continued to thicken as the price lingered around 2% lower. This has led some analysts to speculate that a further price correction may be imminent.
Trend Precognition Signals a Cautionary Tale
Material Indicators’ proprietary trading tool, Trend Precognition, flashed a signal indicating that price isn’t likely to make a new all-time high over the next 24 hours. While this doesn’t necessarily mean that prices will plummet, it does suggest caution is warranted.
Cautious Market Participants Predict Rangebound Behavior
Market participants who have been vocal about their concerns regarding Bitcoin’s price include trader Credible Crypto. In his latest X post on social media, he shared: "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…Really only two ways about this atm: 1. This is a massive bull trap 2. We keep going up."
He further emphasized that either scenario would likely be accompanied by several weeks of chop between $70,000 and $90,000.
Willy Woo’s Insights on Liquidation Trends
Statistician Willy Woo offered his insights on the current market trends: "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…88-91k was the first target. We hit it. Consolidation should happen here."
He went on to highlight that $102,000 would be the next make-or-break zone for Bitcoin’s price: "102k is the next macro fib, using last cycle high and this cycle low".
The Next Steps for Bitcoin
While some analysts are calling for a further price correction, others believe that an attack on six figures may soon follow. The market remains uncertain, but one thing is clear: only time will tell whether Bitcoin’s new all-time high will sustain itself.
Important Disclaimer
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.
