Here's why Bitcoin traders really want to punch through $90K
Bitcoin ( BTC ) price is trying to punch through the $90,000 level but encountering some pushback. Let’s briefly explore why.
On the BTC/USDT 1-hour chart, one can observe a block of sell orders at $90,000. As BTC price runs into these asks, the selling adds a bit of gravity to the price momentum, and the price pulls back slightly. Another block of asks can also be observed at $91,150.
BTC/USDT 1-hour chart. Source: TRDR.io
Looking at the aggregate order book also provides a clear view of how the $90,000 level is being defended.
Aggregate BTC/USDT order book. Source: TRDR.io
Bullish traders would like to push through the $90,000 level in order to begin liquidating short positions in this region that extend to $93,000.
BTC/USDT liquidation map. Source: CoinGlass
Further evidence of this push to break through $90,000 can also be seen in the surge in spot volumes, notably at Coinbase, where Bitcoin tends to trade at a premium.
BTC/USD 4-hr chart. Source: TradingView
Related: Coinbase launches COIN50 Index to track digital assets
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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