Bitcoin (BTC) is demonstrating resilience against selling pressure as its price action rebounds towards previous all-time highs. On November 19, BTC reached approximately $93,849, experiencing fluctuations close to its record levels amidst heightened volatility in risk assets due to escalating geopolitical tensions.
Recent data indicates a daily gain of 2.4% for Bitcoin, recovering quickly after a slight dip following the opening of Wall Street. The price movement comes as U.S. equities reacted to the intensifying conflict between Russia and Ukraine.
Despite a brief decline, BTC/USD rebounded to $92,700, coming within $1,000 of its all-time high recorded on November 13. Notable trader Skew remarked that the upcoming launch of options for BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) is likely contributing to the price stability within a narrow range.
A key observation highlighted by Skew is the upward movement of limit bids on exchange order books, indicating increasing buying interest. Additional data confirms that significant sell-side activity is concentrated around the recent highs, extending up to $94,000.
Trader Daan Crypto Trades pointed out a substantial liquidation cluster around the $93K mark, which aligns with the all-time high. He noted that prolonged consolidation in this price region could increase the likelihood of surpassing those highs as more positions accumulate.
In a bullish outlook for the near term, trader Justin Bennett suggested that the current market conditions could lead to a liquidity hunt, with bulls potentially targeting the $100,000 milestone. He mentioned that the sideways price action has attracted short positions, which may lead to liquidations near the $94K level. The critical question remains whether a sweep above $94K will result in a deviation or if Bitcoin can finally break through to reach $100K.
