BTC price faces tough resistance at $90,000 amid Coinbase rising spot volume
Bitcoin's rally faces hurdles at $90,000 as traders eye $100,000 milestone
Bitcoin is in a heated struggle to reclaim the $90,000 mark. Each time Bitcoin inches closer, it encounters a wall of selling pressure that pulls it back, testing the determination of bullish traders to make this level stick. On November 12, Bitcoin tested the $90,000 mark twice, even piercing through briefly before retreating below. This round number isn’t just psychological, it has become a critical resistance level for BTC price momentum.
At $90,000, a notable block of sell orders is stacked up, adding weight to an already established resistance zone. Another sell-side liquidity barrier at $91,150 compounds the resistance, creating a double-layer of obstacles for Bitcoin bulls. These blocks act like gravity, drawing the price back down whenever it attempts to breach these levels. The heavy sell orders at these points highlight how the market is trying to slow down BTC’s current pace, tempering the recent spike to its latest all-time high.
Rising spot volume aims to break key resistance
Meanwhile, trading activity has surged, especially on major platforms like Coinbase. BTC is seeing a premium price on Coinbase compared to other exchanges, an indicator of strong buying interest among U.S. investors. The rising spot volume suggests that traders are gearing up to push Bitcoin beyond $90,000, targeting short positions clustered around the $93,000 range. If successful, this push could temporarily propel the price upward and lead to a cascade of liquidations.
However, the path forward isn’t entirely clear. Despite bullish sentiment, several traders and analysts see Bitcoin potentially getting stuck in a range-bound pattern between $70,000 and $90,000 if it fails to secure solid support above the current resistance. This range-bound behavior might extend as Bitcoin builds momentum, preparing for a more sustained upward move or pullback that could set the tone for Bitcoin’s trajectory in the weeks ahead.
November alone has seen Bitcoin rise over 30%. Bitcoin's recent rally is edging closer to the much-anticipated $100,000 level.
