The new Bitcoin price is at an all time high as traders see the $70K floor

Bitcoin was battling for a Nov. 13 high after a brief rise above $90,000 on Nov. 13 confirmed a new all-time high.

The price of Bitcoin should “decrease”.

Data from Cointelegraph Markets Pro and TradingView confirmed Bitcoin (BTC)'s latest daily close to a new record high of $90,240 on Bitstamp. After several attempts to break the $90,000 level, the bulls finally succeeded – but only briefly.

The psychological significance of the round number combined with heavy sell-side liquidity and some say the market is already stretched, so volatility remains high.

“BTC needs to slow down and build some structural support in the new range,” Keith Allan, founder of trading resources Material Indicators, said on Nov. 12.

“$80M in BTC requires $90K in accumulated liquidity and the $177M tower needs to ‘hit the brakes' at $100K.”

According to CoinGlass, data from a monitoring source shows that liquidity continues to thicken at $90,000 as the price drops to 2%.

Pointing to a signal from one of the proprietary trading tools, material indicators said that the situation is likely to hold in the short term.

“Trend precognition is lighting up something new. [down] Signal on $BTC daily chart,” he announced to X followers.

“This suggests that the price is unlikely to make a new ATH in the next 24 hours, but proceed with caution as bullish moments may push the price higher before printing this signal soon.”

Cautious market participants will look to monitor regional behavior before proceeding with any potential upside.

Among them is the trader Credible Crypto, which has already reacted strongly on social media by predicting that the price of BTC will fall to $50,000 or below.

“While I still don't believe this is the sudden move that many believe – $BTC is slightly higher than expected. Post on Bitcoin.

“So there are really only two ways atm: 1. This is a huge bull trap. 2. We continue to go higher. In either case, I expect to see a cut between 70-90k for a few weeks.”

Even more bullish BTC price views now require some cooling – although a six-figure attack is on the radar.

Related: $80K BTC price chases gold – 5 things to know in Bitcoin this week

In an Explanation X post, statistician Willie Woo, creator of the Bitcoin data platform Woobull, tied performance to liquidity trends and Fibonacci retracement levels.

“In these situations, we have 2 guidelines to find new resistances. Fibonacci bands using the magic numbers that appear in nature and using the real liquid levels of the markets,” he wrote.

“88-91k was the initial target. We hit it. Consolidation should happen here. This is the end of mandatory buying from short sellers, where most of the shorts have exited both the local fib levels and liquidity levels.

Woo highlights the $102,000 Fibonacci line

Wu added that the area above $100,000 will be the next BTC price zone.

“102k is the next macro fiber, using the last cycle high and low cycle,” he concluded.

Let's see where new fluids can be found, but for now, fiber-based is our next target.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.