Bitcoin Hits New High After Breaching $94,000
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Bitcoin maintained pressure near $94,000 as the U.S. trading session opened on Nov. 20, with buyers continuing to scoop up dips.
BTC price surges to record highs
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rebounded from $91,500 lows, pushing toward a new all-time high of $94,374 on Bitstamp.
Trader Skew highlighted shifting liquidity conditions on exchange order books, noting spot and perpetual market bidding. “Someone got fomo?” he asked on X while sharing order book data.
CrypNuevo, another trader, predicted the mid-$90,000 range would act as a resistance zone before a pullback. “Not expecting to break $100k in the first attempt, so looking for a reversal from mid-high $90ks, around $96k zone. Then, focus on the next buying opportunities during the pullback,” he shared with followers.
Dormant coins show activity
Caution emerged from on-chain data by CryptoQuant, which pointed to long-term holders selling at these levels.
“Market tops often occur when long-held Bitcoin is reactivated,” the firm explained, referencing the Coin Days Destroyed metric. The metric, already nearing classic top levels, could signal an imminent peak if it spikes above 15–20 million.
Bitcoin ETF options add bullish momentum
Optimism grew after options trading launched for BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund.
The first day saw significant activity, with industry expert Joe Consorti noting bets on BTC/USD surpassing $100,000 by year’s end.
Filbfilb, co-founder of DecenTrader, remarked on the ETF’s long-term impact: “Short-term impact: More volatility and speculative price swings. Long-term impact: Cemented Bitcoin’s status as a key hedge in diversified portfolios.”
QCP Capital echoed these sentiments, calling the launch a milestone for Bitcoin’s institutional adoption. “This market response is likely to attract new investor cohorts and enable diversified trading strategies, reducing volatility and downside risk,” it said in a Telegram update.
