Bitcoin (BTC) 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, BTC/USD 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.
“I think any deep sweep from here is a bid, else price will continue to go parabolic above $100K.”
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.
“Big day ahead.”
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.
“A ton of supply unloading between 90-100 for this reason. Teleportation occurs beyond $100K as the masses re-enter with FOMO.”
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.
Related: Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next
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 BTC/USDT 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.
“I’d welcome a test of local support at $91k, there’s a small buy wall at $95k that may keep price elevated and momentum high.”
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.
