Bitcoin (BTC) seals another record weekly close as a fresh BTC price dip survives just hours before being bought up.
A trip to $95,800 for BTC/USD sparks huge liquidations as traders get risky in a low-liquidity weekend environment. $100,000 is tantalizingly out of reach, but some question how important the level really is.Thanksgiving week may be short, but there is no shortage of United States macroeconomic data volatility to be had.Bitcoin profit-taking is surging, and long-term holders are exhibiting classic bull market behavior.Can the Bitcoin ETFs continue to balance sell-side pressure on the back of a record week’s inflows?
Bitcoin shorts suffer in sub-$96,000 BTC price dip
After a brief last-minute dip into the weekly close, BTC price action ended strong and at the time of writing is back above $98,000, Cointelegraph Markets Pro and TradingView confirm.
BTC/USD 1-hour chart. Source: TradingView
Traders are focused on the battle to cross the $100,000 mark for the first time as sell-side liquidity continues to replenish.
The stakes are high — investors are getting increasingly risky with trades, as evidenced by cross-crypto liquidations of $500 million on the dip, which took BTC/USD to $95,800.
“Passive buyer likely created that sunday low,” popular trader Skew concluded in part of his latest market analysis on X.
“$98.5K will be a key price to reclaim.”
BTC/USDT 15-minute chart with liquidity data. Source: Skew/X
Fellow trader Daan Crypto Trades noted that a “gap” in CME Group’s Bitcoin futures market now sits closer to the top of its historical range, potentially laying the foundation for further recovery.
“The gap sits right at the all time highs and the $99K+ price level. Seeing how close price is trading to it already, I’m assuming we’ll try to close it fully relatively soon,” he predicted.
CME Bitcoin futures 15-minute chart. Source: Daan Crypto Trades/X
Zooming out, liquidity, per data from Hyblock Capital uploaded to X by popular trader CrypNuevo, could yet favor a trip below $90,000.
“If we have a look at the 7 days liquidation heatmap… We can see those two zones in the chart:…
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