30s Summary

Bitcoin (BTC) neared $100,000 on November 22, with investors manoeuvring through final sell offers. Data from Cointelegraph and TradingView showed new record BTC prices inching towards $99,500 on Bitstamp. Trader Skew predicted a major surge past the $100,000 mark. Short BTC liquidations reached almost $115 million a day before. CryptoQuant noted a significant rise in Binance’s total trading volume once the crypto market cap surpassed old record highs earlier this month, although it has since declined. This reduction might indicate that the market is cautiously pausing.

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Bitcoin (BTC) was nearly touching $100,000 on Nov. 22, with keen investors working through the final sell offers.

Data from Cointelegraph Markets Pro and TradingView revealed new record-breaking BTC prices getting close to $99,500 on Bitstamp. After briefly dropping below $96,000, BTC bounced back in Asian trade, possibly setting up a head to head with the massively anticipated $100,000 mark.

Popular trader, Skew, thinks once the price passes the key $100,000 mark, we might see a major surge. The current market signs are positive, with bid limits steadily increasing. Skew said, “There is a massive pool of offers around $100K. Right now, the price is nibbling away at this pool of offers, which is often followed by a massive surge.”

An accompanying chart showed clusters of offers in the upper $99,000 area on Binance order book.

Previously, Skew pointed out offers appearing beyond $100,000, suggesting the market expects the price to soar even further once it reaches this figure. Keith Alan, co-founder of trading resource Material Indicators, observed some traders looking to short BTC at these levels. “Some traders are being tempted to short,” he disclosed, echoing Skew about the potential result. Main takeaway, if you’re thinking of shorting, be ready for a squeeze.

According to data from monitoring site CoinGlass, short BTC liquidations reached nearly $115 million a day before.

Looking at exchange activity, onchain analytics platform CryptoQuant saw a curious trend. Once the overall crypto market cap beat its old record highs earlier this month, there was a spike in Binance’s total trading volume. However, this has since declined.

Darkfost, a CryptoQuant contributor, noted, “There was a huge increase in spot trading volume (60B) on Binance on November 12, as the crypto market nears its previous all-time high. But, trading volume has since halved while the total crypto market is exploring new highs.”

This reduction in spot trading activity might suggest that the market is taking a pause, with investors proceeding with caution.

Disclaimer: Please remember, every investment and trading move comes with risk. Before deciding, you should research thoroughly.