On November 19, Bitcoin (BTC) experienced significant price fluctuations, reaching near all-time highs as geopolitical tensions fueled market volatility. The BTC/USD price chart on TradingView revealed a 2.4% daily gain in Bitcoin’s value after a brief dip at the Wall Street open.
Market Fluctuations and Geopolitical Tensions
The sudden increase in risk-asset volatility can be attributed to the escalating conflict between Russia and Ukraine, which triggered a reaction from United States equities. However, BTC price did not remain low for long, rebounding to $92,700 and coming within $1,000 of its record highs posted on November 13.
Trader Insights: Impending Option Launch and Liquidity
Popular trader Skew suggested that the impending launch of options on BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) was keeping the price in a narrow corridor. He commented, "However a key detail so far is the limit bids moving higher with LTF HLs," referring to bid liquidity heading higher up exchange order books.
BTC liquidation heatmap from CoinGlass confirmed that the bulk of sell-side interest lay around the existing highs, extending to $94,000. Fellow trader Daan Crypto Trades added, "Large liquidation cluster at $93K+ which also corresponds with the all-time high…The longer price consolidates around this region, the more likely we’ll take out those highs as more and more positions keep building up."
Bitcoin Exchange Liquidation Map
BTC exchange liquidation map from CoinGlass revealed a large liquidation cluster at $93,000+, corresponding with the all-time high. This suggests that traders are preparing for a potential breakout above the current highs.
Trader Justin Bennett’s Outlook: Liquidity Hunt and Bulls
Trader Justin Bennett anticipated a bullish short-term outcome for the current landscape, seeing a liquidity hunt and bulls even taking a shot at $100,000. He stated, "As for BTC, this sideways PA has attracted shorts, and with it short liquidations near $94k…A sweep of shorts seems likely, but with Tether dominance holding that 2018 trend line, the question is, does a $94k sweep turn into a deviation, or can Bitcoin finally push toward $100k?"
Nvidia Earnings: Key Market Moment
Crypto traders also noted the incoming release of Nvidia’s corporate earnings on November 20, which could spark market-wide volatility if the numbers were to surprise. The options market is implying a 12% move after earnings are released, as reported by The Kobeissi Letter.
Nvidia Earnings: Huge Potential for Market Volatility
The upcoming release of Nvidia’s corporate earnings has the potential to significantly impact the market. With the company’s recent overtake of Apple as the world’s most valuable company, investors are eagerly awaiting the results.
Conclusion
Bitcoin’s price swings near all-time highs on November 19 were fueled by geopolitical tensions and the impending launch of options on BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF). Trader insights suggest that the market is preparing for a potential breakout above the current highs, with some traders anticipating a bullish short-term outcome. The incoming release of Nvidia’s corporate earnings also has the potential to spark market-wide volatility.
Investment Advice and Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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