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$

BTC $98,727 -0.39% ETH $3,325 -0.73% BNB $642 +0.89% SOL $255 -2.72% XRP $1.56
+12.37% TON $5.52 -0.66%
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Big Smokey
9 hours ago


BITCOIN TO $100K: A MATTER OF WHEN, NOT IF

Bitcoin’s price inches closer to $100,000, where market participants have built
$300 million in sell walls. Will BTC clear the $100,000 hurdle? 

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Bitcoin’s BTC $98,738 price is nipping at the heel of the $100,000, but repeat
rejections near the level continue to occur. 

Let’s briefly investigate why, along with traders’ expectations of what
Bitcoin’s price may do once the $100,000 milestone is achieved. 

Looking at the daily chart for BTC/USD on Coinbase, a thick wall of sell orders
is present at $100,000 and also at $103,000. 

BTC/USD 1-hour chart. Source: TRDR.io

According to popular X crypto analyst Skew, “limit bids” are “moving higher with
underlying spot buyers,” but “a lot of aggregate spot supply [is] around
$100K.” 

Bitcoin order book resource Material Indicators suggested that dip-buying
opportunities in Bitcoin are to spring up over the weekend due to the thickness
of the sell walls near $100,000 and the fact that the spot Bitcoin
exchange-traded funds (ETFs) are “off” on Saturday and Sunday. 

> “With the ETF faucet turned off for the weekend, we could see some dip buying
> opportunities ahead.”

Bitcoin liquidation maps from CoinGlass show $99,500 as the price level where
short traders fall under pressure, and one thing to note is the bulk of shorts
here using 50x and 100x leverage. Generally, these highly levered “degen”
positions are low-value retail traders subject to quick liquidation, so with a
sufficient push from either the perpetual futures market or spot markets,
Bitcoin’s price could quickly slice through these positions. 

Bitcoin liquidation map. Binance. Source: CoinGlass

Related: Bitcoin back to $90K next? Traders diverge on BTC price pullback odds

At the time of writing, there’s a strong push from buyers on Coinbase, where the
BTC/USD pair trades at a premium.

BTC price spread between Binance and Coinbase, CME futures price (bottom).
Source: TradingView

Some traders cite the Coinbase premium — the spread between BTC’s price on the
exchange versus other exchanges — as a bullish phenomenon. Another thing to note
is that CME Bitcoin futures are currently trading at $99,600, further suggesting
that spot price may follow if the CME futures price were to hit $100,000. 

Explore more articles like this

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refine your trading strategies. Delivered every Monday


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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.


 * #Bitcoin
 * #Bitcoin Price
 * #Markets
 * #Bitcoin Futures
 * #Market Analysis
 * #Bitcoin ETF
 * #ETF


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