Bitcoin (BTC) saw swings near all-time highs on Nov. 19 as geopolitical tensions sparked risk-asset volatility.
BTC price analysis sees $94,000 liquidity hunt
Data from Cointelegraph Markets Pro and TradingView showed 2.4% daily BTC price gains returning after a brief dip at the Wall Street open.
Market fluctuations came as United States equities reacted to an escalation of the conflict between Russia and Ukraine.
BTC/USD did not stay lower for long, however, rebounding to $92,700 to come within $1,000 of its record highs posted on Nov. 13.
Commenting, popular trader Skew suggested that the impending launch of options on asset manager BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) was keeping the price in a narrow corridor.
“However a key detail so far is the limit bids moving higher with LTF HLs,” he wrote in a post on X, referring to bid liquidity heading higher up exchange order books.
Data from monitoring resource CoinGlass, meanwhile, confirmed that the bulk of sell-side interest lay around the existing highs, extending to $94,000.
“Large liquidation cluster at $93K+ which also corresponds with the all time high,” fellow trader Daan Crypto Trades added on the topic.
“The longer price consolidates around this region, the more likely we’ll take out those highs as more and more positions keep building up.”
Trader Justin Bennett anticipated a bullish short-term outcome for the current landscape, seeing a liquidity hunt and bulls even taking a shot at $100,000.
“As for BTC, this sideways PA has attracted shorts, and with it short liquidations near $94k,” he told X followers.
“A sweep of shorts seems likely, but with Tether dominance holding that 2018 trend line, the question is, does a $94k sweep turn into a deviation, or can Bitcoin finally push toward $100k?”
Nvidia earnings seen as key market moment
Crypto traders also noted the incoming release of Nvidia’s corporate earnings, an event scheduled for Nov. 20, which could nonetheless spark marketwide volatility if the numbers were to surprise.
Related: Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next
“Tomorrow, the options market is implying a 12% move after earnings are released,” trading resource The Kobeissi Letter wrote in part of an X summary on the day.
“Nvidia’s earnings are HUGE.”
As Cointelegraph reported, in early November, Nvidia once more overtook Apple to become the world’s most valuable company.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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