30s Summary

Bitcoin is struggling to reach the $90,000 mark due to substantial sell orders primarily around the $91,150 mark. Traders are keen to push the cryptocurrency past this point to offload their short positions between $90,000 and $93,000, reflected in increased spot trade volumes. However, the blocks of sell orders are causing a counterweight, reducing price momentum.

Full Article

Bitcoin, or BTC for short, is gunning for the $90,000 mark, but it’s having some issues getting there. Let’s chat about why that might be the case.

Looking at the BTC/USDT 1-hour chart, you can see several prominent blocks of sell orders. As the Bitcoin price runs up against these, it causes a sort of counterweight, making the momentum of the price go down and pull back a little. You’ll see another block of sell orders around the $91,150 mark.

Traders wanting to make a profit would love to nudge Bitcoin past that pesky $90,000 blocking point. The main reason? They could offload short positions between $90,000 and $93,000.

That’s why you’re seeing this determination to kick Bitcoin past $90,000. It’s reflected in an upswing in volumes of spot trades, particularly at Coinbase where Bitcoin usually gets pricier.

Just a reminder, though, this isn’t a recommendation to dive in and start trading. As with all financial decisions, there’s always a level of risk and doing your homework’s key before making any moves.