Bitcoin’s price momentum has sparked intense debate among market analysts as traders diverge on whether the BTC will face a deeper pullback or surge past $100,000, driven by bullish technical indicators and positive market sentiment.
On Nov. 22, Bitcoin (BTC) faced a tough hurdle at $100,000, with approximately $300 million in sell-side liquidity obstructing further gains.
According to data from TradingView, BTC/USD slid to intraday lows of $97,300, marking a 1.2% decline on the day.
The attempt to breach the six-figure mark was thwarted as significant sell walls appeared, a recurring challenge at key psychological levels.
In its most recent report on X, trading site Material Indicators stated that “FireCharts shows a massive Bitcoin sell wall compressed between the $99.3k – $100k range.”
This was a reference to liquidity on the biggest international exchange, Binance, where the $100,000 sell wall was evidently distinct from other levels and had been gaining momentum over the previous several hours.
Market data revealed that sell-side transactions predominantly ranged between $100 and $1,000, with large-scale holders (whales) yet to make decisive moves.
Material indicators suggested that a sell-off by whales could help test support levels, potentially easing the path to breaking the $100,000 barrier. With weekend trading ahead, dip-buying opportunities could emerge.
Meanwhile, institutional interest remains robust. U.S. spot Bitcoin exchange-traded funds (ETFs) recorded another day of inflows exceeding $1 billion on Nov. 21, reinforcing BTC’s long-term bullish outlook.
Traders Eye $90K Support or a Bullish Breakout
Opinions remain split on Bitcoin’s next steps:
- Crypto Chase, a prominent trader, considers $90,000 as a possible retracement zone in an “optimal scenario.”
- Conversely, CJ, another market analyst, targets a rebound around the mid-$90,000 range.
On the bullish side, trader Roman pointed to bullish divergences on Bitcoin’s 4-hour relative strength index (RSI). The RSI dropped below the overbought threshold of 70, signaling potential trend continuation.
As Bitcoin navigates the $100,000 milestone, traders are monitoring liquidity shifts and technical indicators closely. Whether BTC retreats to $90,000 or surges to new highs depends on the interplay of whale activity, institutional demand, and macroeconomic sentiment.
Also Read: Bitcoin Price Hits All-Time High of $99,000, Eyes $100K Next
