Bitcoin (BTC) Faces Huge Sell Wall Wall at $100,000

The Bitcoin (BTC) price needs time to absorb a large supply around the $100,000 level before moving into the six-figure price range. Order book data and market sentiment indicate that the sell wall in this region cannot be underestimated.

The following are observations from BeInCrypto on the current situation and a summary of the views of several experienced investors.

Whale Order Book shows Bitcoin facing a large sell wall around $100,000

Whale Order Book is one of the useful tools that helps investors observe the trading activity of whales on exchanges. The circular markers represent large volume trades.

The horizontal bars represent the orders of Bitcoin whales. Orders are only placed orders, not completed transactions. The length of the bars represents the time the order has been on the order book. Green bars are buy orders, red bars are sell orders, and the fading colors indicate that the large orders are gradually being filled.

The current chart shows that the thick red bars are covering the price range of $99,200 - $100,000. According to BeInCrypto's observations, these are sell orders with volumes ranging from 100 BTC to 500 BTC waiting to be filled. Although the price chart shows many large green circles (significant buying pressure), the red wall above has not yet been quickly conquered.

The depth of the sell-side liquidity is currently dominating the Bitcoin market

Another data point that explains why Bitcoin has not yet been able to quickly conquer the six-figure price level, despite being very close, is the Orderbook Liquidity Delta data. This metric measures the difference in market depth 1% between buy and sell orders. When it is negative, it indicates that the depth of the sell-side market is greater.

The Coinglass data shows that since Bitcoin entered the $96,000 - $99,000 price range, the red histogram bars have appeared longer and more continuous. This reflects the superior depth of the sell-side orders. However, this situation does not always lead to a price decline. The orders may not be filled, and the order placers may quickly remove their orders when the price moves.

"The $100 million BTC sell wall on Coinbase is preventing Bitcoin from reaching $100,000 right now. They have also executed $3 billion in trading volume today. Insane." - Market reporter MeanHash discovered.

Summarizing the observations above, it can be concluded that Bitcoin is facing significant sell-side potential around $100,000. This increases the risk for traders who buy from now on.

Market sentiment remains confident in Bitcoin's ability to conquer the six-figure price level

The market's greed and fear index is at the "extreme greed" level. Discussions in the community about Bitcoin's ability to surpass $100,000 are dominating. This reflects the confident sentiment of Bitcoin traders for this scenario.

The chart from Santiment shows a sharp increase in mentions of Bitcoin reaching $100,000 on social media platforms. It seems the community believes this is just a matter of time.

"Why are people selling at $98,000? They think: 'Everyone will sell at $100,000, so I'll be super smart and sell below $100,000.' Yeah, good luck... see you at $350,000." - Vik Sharɱa - Founder of Cakewallet - commented.

Vik Sharɱa's comment represents the general sentiment of many analysts, in a context where the United States has never had a cabinet with as many Bitcoin-supporting members as it does now.

Also Read: Why Do Small Investors Get Burned as Bitcoin (BTC) Price Rises?

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