Bitcoin’s price momentum has sparked intense debate among market analysts as traders diverge on whether the BTC will face a deeper pullback or surge past $100,000, driven by bullish technical indicators and positive market sentiment. On Nov. 22, Bitcoin (BTC) faced a tough hurdle at $100,000, with approximately $300 million in sell-side liquidity obstructing further gains. According to data from TradingView, BTC/USD slid to intraday lows of $97,300, marking a 1.2% decline on the day. The attempt to breach the six-figure mark was thwarted as significant sell walls appeared, a recurring challenge at key psychological levels.
In its most recent report on X, trading site Material Indicators stated that “FireCharts shows a massive Bitcoin sell wall compressed between the $99.3k – $100k range.” This was a reference to liquidity on the biggest international exchange, Binance, where the $100,000 sell wall was evidently distinct from other levels and had been gaining momentum over the previous several hours. Market data revealed that sell-side transactions predominantly ranged between $100 and $1,000, with large-scale holders (whales) yet to make decisive moves. Material indicators suggested that a sell-off by whales could help test support levels, potentially easing the path to breaking the $100,000 barrier.
With weekend trading ahead, dip-buying opportunities could emerge. Meanwhile, institutional interest remains robust. U.S. spot Bitcoin exchange-traded funds (ETFs) recorded another day of inflows exceeding $1 billion on Nov. 21, reinforcing BTC’s long-term bullish outlook.
Opinions remain split on Bitcoin’s next steps: Crypto Chase, a prominent trader, considers $90,000 as a possible retracement zone in an “optimal scenario.” Conversely, CJ, another market analyst, targets a rebound around the mid-$90,000 range. On the bullish side, trader Roman pointed to bullish divergences on Bitcoin’s 4-hour relative strength index (RSI). The RSI dropped below the overbought threshold of 70, signaling potential trend continuation.
As Bitcoin navigates the $100,000 milestone, traders are monitoring liquidity shifts and technical indicators closely. Whether BTC retreats to $90,000 or surges to new highs depends on the interplay of whale activity, institutional demand, and macroeconomic sentiment. The market remains volatile and uncertain, with traders eagerly awaiting the next moves in the cryptocurrency space.