Bitcoin Downtrend Accelerates, But Traders Eye Short Liquidity At...

Bitcoin struggles to hold the $90,000 support, and while charts angle toward further price downside, traders have turned their attention to the short liquidity at $98,000 to $100,000.

Bitcoin charts forecast further downside, but traders remain hopeful that a short squeeze to $98,000 will reverse the bearish trend.

Bitcoin (BTC) has been trending down alongside the broader crypto market since Nov. 3, dropping to a six-month low of $88,267 on Thursday. With key economic data expected on Thursday and Friday, markets could see volatile price swings toward key BTC price levels over the next few days.

Bitcoin’s latest drawdown saw the BTC/USD pair lose key support levels, including the 50-week EMA around $100,000 and the yearly open at $93,300.

This has led to mixed sentiment among market participants about whether the bull market has ended or if Bitcoin is bottoming out.

Related: $90K Bitcoin price is a ‘close your eyes and bid’ opportunity: Analyst

Private wealth manager Swissblock spotted Bitcoin hovering around $90,000, saying that the price has reached “cycle-level exhaustion.”

An accompanying chart revealed that Bitcoin’s price momentum has dropped to levels where it bottomed in March and after the Oct. 10 market crash.

“This is where bottoms build,” Swissblock said, adding:

Similar sentiments were shared by Glassnode analysts, who said that the area between $95,000 to $97,000, where the −1 STD short-term holder (STH) cost basis currently sits, is “acting as local resistance,” adding:

Source: CoinTelegraph