Bitcoin Traders Eyeing Critical Breakthrough Above $90K Price Threshold
Introduction
The Bitcoin (BTC) price is on the verge of breaking through the crucial $90,000 level, but it’s not an easy feat. As we delve into the technicals, it becomes apparent that there are several factors at play that could impact the price momentum.
Sell Orders Pile Up at $90,000
When examining the BTC/USDT 1-hour chart on TRDR.io, one can observe a block of sell orders stacked up at the $90,000 level. As the Bitcoin price approaches these asks, the selling pressure adds gravity to the price momentum, causing it to pull back slightly. This phenomenon is not limited to just one block; another cluster of sell orders can be seen at $91,150.
BTC/USDT 1-Hour Chart
As evident from the chart above, there’s a clear indication of resistance at the $90,000 level. The accumulation of sell orders creates a roadblock for bullish traders who are eager to push through this critical price point.
Aggregate Order Book Analysis
Further analysis of the aggregate order book provides valuable insights into the dynamics at play around the $90,000 level. By examining the order book on TRDR.io, we can see that there’s a significant amount of selling pressure concentrated in this region.
Implications for Bullish Traders
Bullish traders are eager to break through the $90,000 level in order to begin liquidating short positions that extend up to $93,000. According to CoinGlass’ liquidation map, there’s a substantial amount of short positions concentrated in this region.
Surge in Spot Volumes at Coinbase
Furthermore, the surge in spot volumes on Coinbase is a telling sign of the bulls’ determination to push through the $90,000 level. As Bitcoin tends to trade at a premium on this platform, the influx of buying interest could have significant implications for the price momentum.
Conclusion
In conclusion, while the Bitcoin price is attempting to break through the $90,000 level, it’s facing significant resistance. The accumulation of sell orders and short positions in this region could impact the price momentum. However, the surge in spot volumes on Coinbase and the determination of bullish traders suggest that the bulls may have the upper hand.
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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.
