It is a bit difficult for Bitcoin to reach a new high, and traders are keeping an eye on the bottom line of 70,000
On November 13, Bitcoin briefly reached $90,000, setting a new record high, but then it was struggling there and could not stabilize.
Now, the price of Bitcoin needs to "slow down". Traders say that it is a bit difficult for bulls to reach $90,000 again. Why? There are a lot of sellers at $90,000, and the market is tense and volatile.
A trading tycoon named Keith Alan said: "Bitcoin needs to slow down, stabilize at the new price, and build some support." He also said that there are $80 million in sell orders at $90,000, and there is a "sell order wall" of $177 million at $100,000, so it needs to be slow.
Looking at the data from CoinGlass, the liquidity at $90,000 is getting stronger and stronger. If the price drops by 2%, a lot of people will be waiting there.
There is also a tool called Material Indicators, which also sent a signal saying that it may be like this in the short term and the price is unlikely to reach a new high. However, you have to be careful. Once the market is excited, the price may go up, and the previous signal will be useless.
Some retail investors are more cautious and think that Bitcoin will have to fluctuate between $70,000 and $90,000 for a few weeks before it can see an upward trend. For example, there is a retail investor named Credible Crypto who predicted that Bitcoin would fall below $50,000. Now he says that although the price is higher than he thought, from a trading perspective, he still has to be careful.
There is also a statistician Willy Woo who analyzed Bitcoin's liquidity and Fibonacci extension levels and said that $88,000 to $91,000 is the first target. Now it has been reached, and there may be some consolidation next. He also said that $102,000 is the next price to be hit.
So, if Bitcoin's current price wants to reach a new high, it depends on whether the market will give it face. Traders are all eyeing the bottom line of $70,000.
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