Outside Source
Bitcoin hit $90,000, but holding it is proving to be a challenge. Cointelegraph explains why.
Market Update
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, we can observe a block of sell orders. As BTC price runs into these asks, the selling adds a bit of gravity to the price momentum, and price pulls back slightly. Another block of asks can also be observed at $91,150.
BTC/USDT 1-hour chart. Source: TRDR.io
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.
BTC/USDT liquidation map. Source: CoinGlass
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.
BTC/USD 4-hr chart. Source: TradingView
Related: Coinbase launches COIN50 Index to track digital assets
This article first appeared at Cointelegraph.com News
