Bitcoin Price Hits Resistance at $90,000: Why It’s Struggling to Break Through
The Bitcoin price has been trying to push through the $90,000 level, but it’s encountering some resistance. In this article, we’ll explore why the price is struggling to break through this key threshold.
A Block of Sell Orders at $90,000
When we take a look at the BTC/USDT 1-hour chart, one thing that stands out is a block of sell orders at $90,000. As the price runs into these asks, the selling adds some gravity to the price momentum, causing it to pull back slightly. This suggests that there’s significant selling pressure around this level.
Another Block of Asks at $91,150
If we look closer at the chart, we can also see another block of asks at $91,150. This adds even more weight to the idea that the price is facing strong resistance in this area.
- BTC/USDT 1-hour chart: This chart provides a clear view of the sell orders at $90,000 and the additional ask at $91,150.
A Clear View from the Aggregate Order Book
Looking at the aggregate order book also gives us a clear view of how the $90,000 level is being defended. This chart shows a significant concentration of sell orders around this price point.
- Aggregate BTC/USDT order book: This chart provides a clear view of the sell orders at $90,000 and the additional ask at $91,150.
A Push to Break Through
Bullish traders are eager to push through the $90,000 level in order to begin liquidating short positions in this region. These positions extend all the way up to $93,000.
- BTC/USDT liquidation map: This chart shows the areas where short positions are concentrated.
Spot Volumes Surge
Further evidence of the push to break through $90,000 can be seen in the surge in spot volumes, particularly at Coinbase. Bitcoin tends to trade at a premium on this exchange.
- BTC/USD 4-hr chart: This chart shows the increase in spot volumes at Coinbase.
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