Bitcoin 'teleportation' due as traders bet on BTC price passing $100K
2024-11-21

Bitcoin BTCUSD made snap gains on Nov. 21 as a liquidity squeeze took BTC price action to near $100,000.
Bitcoin gaps higher with sellers above $100,000
Data from Cointelegraph Markets Pro and TradingView showed what popular trader Skew called a “pop” into final ask liquidity before the key six-figure BTC price barrier.
Up nearly 3% on the day at the time of writing, BTCUSD was less than $3,000 from a historic achievement.
“If large sellers are to make a stand it's here, also in game theory it makes sense in terms of front running $100K ask liquidity,” Skew argued in a post on X.

A further post noted that new ask liquidity was beginning to arrive on exchange order books above $100,000 — something notionally cathartic for price.
“New ask liquidity showing up here is a good confirmation of the market starting to price above $100K,” Skew wrote.
Cointelegraph has long reported on the significance of the $100,000 mark, which has come within reach more quickly than many imagined with Bitcoin gaining 38% in three weeks.
“The normie mind cannot comprehend Bitcoin > $100K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, continued. 

Data from monitoring resource CoinGlass put short BTC liquidations in the 24 hours to the time of writing at just over $92 million.
BTC price support retest “welcome”
A word of warning came from those hoping for a support retest to confirm market strength at higher levels.
In its latest analytics post on X, trading resource Material Indicators suggested that the low $90,000 range would be a suitable zone to revisit.
Uploading a view of the BTCUSDT order book on largest global exchange Binance, it noted a lack of buy-side liquidity below price should sellers gain control on low timeframes.
“FireCharts shows $BTC ask liquidity stacked from $98k- $100k, and thin bid liquidity below,” the post read. 

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.