Multiple technical indicators suggest Bitcoin is poised to break $90,000

Although we’re not yet discussing when Bitcoin will reach the $100,000 mark, it’s currently facing a test at the $90,000 level. While some exchanges may have briefly surpassed this milestone, subsequent pullbacks indicate that this price point remains a battleground for long and short orders. Notably, several technical indicators point to a bullish trend, and the current crypto bull run shows no sign of slowing down.

The bull-bear divide at $90,000

Earlier on Tuesday, the largest cryptocurrency saw a 5% pullback to a low of $85,000, shaking out some late leveraged buyers. However, this dip was short-lived, with prices quickly rebounding to reach new highs in the U.S. trading period before retracing some gains. Bitcoin briefly topped $90,000 on Coinbase, although it remained slightly below this level on other major platforms like Binance and Bitget.

Several indicators point to a bull-bear divide around this price. By analyzing the aggregated order book, we can see investors grappling with the $90,000 milestone.

Aggregated BTC/USDT order book snapshot. Source: TRDR.io

In addition, bullish traders are eager for Bitcoin to break through $90,000 to start liquidating short positions up to $93,000. According to CoinGlass , heightened volatility has led to $940 million worth of leveraged derivative positions across all crypto assets being liquidated in the past 24 hours. This is the highest single-day liquidation since the August 5 market crash when the Japanese yen carry trade experienced a significant sell-off, sending BTC below $50,000.

BTC/USDT liquidation map. Source: CoinGlass

The surge in spot trading volume further supports Bitcoin’s push past $90,000, with Bitcoin often trading at a premium on some platforms.

BTC/USD 4-hour chart. Source: TradingView

Alex Thorn, head of research at Galaxy, noted in an X post on November 12 that November 11, 2024, marked the largest daily gain in Bitcoin history, as it rose over $8,400 in one day, surpassing the all-time high of $85,000.

Biggest Bitcoin daily moves. Source: Alex Thorn

BTC ETF inflows surge

Since Donald Trump’s presidential election victory, Bitcoin prices have surged, driven by expectations of more crypto-friendly regulations and favorable monetary policies. A major catalyst in this price increase has been Bitcoin ETFs, which have seen massive inflows following Trump's election win, further reinforcing this sentiment.

Data from Farside Investors shows that Bitcoin ETFs recorded a net inflow of $1.1 billion on November 11 alone. Just a few days earlier, on November 7, Bitcoin ETFs had already accumulated over $1.37 billion in Bitcoin.

BTC ETF inflows (million USD). Source: Farside

Among the 11 U.S.-based spot BTC ETFs, BlackRock’s iShares Bitcoin Trust led the way, bringing in over $2 billion during this period.

Other prominent ETFs contributing to the weekly inflows include Fidelity Wise Origin Bitcoin, Bitwise Bitcoin ETF, and ARK 21Shares Bitcoin ETF, with inflows of $668.3 million, $180 million, and $253.2 million, respectively.

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.