Here's why Bitcoin traders really want to punch through $90K

1 day ago 11

Bitcoin hit $90,000, but holding it is proving to be a challenge. Cointelegraph explains why.

732 Total views

4 Total shares

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.

Looking at the aggregate order book also provides a clear view of how the $90,000 level is being defended.

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.

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.

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.

Read Entire Article