Bitcoin Stages Rebound Ahead of US Trading Session
As the market prepares for the Nov. 20 Wall Street open, Bitcoin (BTC) continues to make waves, pushing against the $94,000 barrier. Despite facing some turbulence, the cryptocurrency has managed to stage a rebound, with prices reaching new all-time highs on Bitstamp.
BTC/USD 4-Hour Chart:
[Image description: BTC/USD 4-hour chart from TradingView]
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price has been steadily increasing, with the latest rebound taking it from lows of $91,500. This characteristic bullish move is a testament to the growing confidence in the cryptocurrency market.
Trader Skew Notes Shifting Liquidity Conditions
Renowned trader Skew took to X (formerly Twitter) to share his observations on the shifting liquidity conditions on exchange order books. With a hint of surprise, he asked, "Someone got FOMO?" as he noted both spot and perp market bidding.
BTC/USDT Chart with Order Book Liquidity Data:
[Image description: BTC/USDT chart with order book liquidity data from Skew/X]
Fellow trader CrypNuevo also weighed in on the market, stating that the mid-$90,000 area could be the next stop for BTC/USD before a fresh consolidation phase. In one of his latest posts on X, he noted:
"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."
BTC/USDT 1-Hour Chart:
[Image description: BTC/USDT 1-hour chart from CrypNuevo/X]
Cautionary Note from CryptoQuant
Onchain analytics platform CryptoQuant issued a warning, cautioning that long-term holders were distributing Bitcoin at current prices. According to their research, market tops often occur when long-held Bitcoin is reactivated.
Coin Days Destroyed Chart:
[Image description: Coin Days Destroyed chart from CryptoQuant/X]
The Coin Days Destroyed metric measures the dormancy of BTC held in a given address and is already well on its way to classic top territory. CryptoQuant advises watching for this metric spiking above 15–20 million as a key signal.
Bitcoin ETF Options Success Adds to Bullish Mood
Optimism in the market has been boosted by the success of options trading on BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF). On its first day, industry executive Joe Consorti noted that bets on BTC/USD finishing the year above $100,000 were being placed.
Impact of Bitcoin ETF Options
Industry experts have been weighing in on the impact of these options. Filbfilb, co-founder of trading suite DecenTrader, forecasted a long-term cathartic effect on BTC price action:
"Short-term impact: More volatility and speculative price swings. Long-term impact: Cemented gold’s status as a key hedge in diversified portfolios."
Trading firm QCP Capital was equally positive on the launch, stating that it underscores growing institutional confidence in Bitcoin as a mainstream asset class.
"This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class," they wrote in their latest update to Telegram channel subscribers. "This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets."
Conclusion
As the market continues to navigate the complex landscape of cryptocurrency trading, it is essential for investors and traders to conduct their own research before making a decision. Every investment and trading move involves risk, and readers should be aware that this article does not contain investment advice or recommendations.
By staying informed about market trends and developments, individuals can make more informed decisions about their investments. The success of Bitcoin ETF options is just one aspect of the growing institutional confidence in cryptocurrency markets. As the market continues to evolve, it will be exciting to see how these trends shape the future of trading and investing.
