As the world watched, Bitcoin (BTC) continued to make waves in the financial markets, pushing its price closer to the $94,000 mark. The Nov. 20 Wall Street open saw BTC/USD trading at new all-time highs of $94,374 on Bitstamp, marking another significant milestone for the cryptocurrency.
BTC Price Rebounds from Lows of $91,500
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rebounded once again, this time from lows of $91,500. Characteristic bullish moves indicated that Bitcoin’s price was on the rise, much to the excitement of traders and investors.
Trader Skew Eyes Shifting Liquidity Conditions
Skew, a well-known trader in the crypto space, took note of shifting liquidity conditions on exchange order books. In one of his latest posts on X, he queried, "Someone got fomo?" highlighting both spot and perp market bidding. The post was accompanied by charts showing BTC/USDT with order book liquidity data.
CrypNuevo Reiterates Mid-$90,000 Area as Next Stop for BTC/USD
Fellow trader CrypNuevo also shared his thoughts on the current market situation. In a recent post on X, he reiterated that the mid-$90,000 area could be the next stop for BTC/USD before a fresh consolidation phase. He emphasized that "Not expecting to break $100k in the first attempt so looking for a reversal from mid-high $90ks, around $96k zone."
BTC/USDT 1-Hour Chart
CrypNuevo’s post was accompanied by a BTC/USDT 1-hour chart showing the current market trends.
Cautionary Note from CryptoQuant: Long-Term Holders Distributing BTC at Current Prices
Research from onchain analytics platform CryptoQuant served as a cautionary note for traders and investors. The study warned that long-term holders were distributing BTC at current prices, which could be an indication of market tops.
Coin Days Destroyed Metric
The Coin Days Destroyed metric measures the dormancy of BTC held in a given address, and is already well on its way to classic top territory. CryptoQuant advised watching for this metric spiking above 15-20 million as a key signal for potential market downturns.
Bitcoin ETF Options Success Adds to Bullish Mood
Optimism rose as options began trading on asset manager BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF). The first day was a resounding success, with industry executive Joe Consorti noting bets on BTC/USD finishing the year above $100,000.
Industry Executive’s Take on Bitcoin ETF Options
Filbfilb, co-founder of trading suite DecenTrader, forecast the options would have a long-term cathartic impact on BTC price action. In a dedicated X thread this week, he shared his thoughts on the short- and long-term effects of the ETF options launch.
Short-Term Impact: More Volatility and Speculative Price Swings
Filbfilb emphasized that the short-term impact would be more volatility and speculative price swings.
Long-Term Impact: Cemented Gold’s Status as a Key Hedge in Diversified Portfolios
He further noted that the long-term impact would be cementing gold’s status as a key hedge in diversified portfolios.
Trading Firm QCP Capital’s Take on Bitcoin ETF Options
Trading firm QCP Capital was equally positive on the launch. In an update to Telegram channel subscribers, they wrote:
"This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class.
This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets."
Disclaimer: This Article Does Not Contain Investment Advice or Recommendations
Every investment and trading move involves risk. Readers should conduct their own research when making a decision.
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