Bitcoin (BTC) near year-to-date highs into Sunday’s weekly close as traders braced for liquidity grabs.
Key points:
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Bitcoin enters classic fakeout territory as the weekly close coincides with the aftermath of the US-Venezuela news.
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BTC price action gains as much as 2% over the weekend, with $92,000 next on the bulls’ list.
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Crunch time for gold as Bitcoin attempts to stage a comeback.
Bitcoin liquidations in view as weekly close arrives
Data from TradingView tracked BTC price volatility as BTC/USD hovered above $91,000.
BTC/USD four-hour chart. Source: Cointelegraph/TradingViewThe pair gained up to 2% over the weekend as crypto markets offered the first reactions to the US military move on Venezuela.
Ahead of TradFi markets returning, traders eyed exchange order-book liquidity for clues as to where BTC price might head in the short term.
“Largest liquidity cluster in close proximity sits below the yearly open around the $88K area,” Daan Crypto Trades wrote in one of his latest X posts alongside data from monitoring resource CoinGlass.
BTC liquidation heatmap. Source: Daan Crypto Trades/XCommentator Exitpump additionally noted that order books had “thin air” above $95,000 — potentially providing the foundation for a quick retest of the $100,000 mark.
As Cointelegraph reported, recent weekly candle closes have sparked BTC price “fakeouts” in both directions, where the market liquidates nearby positions while failing to break out of its local range.
Hinting at change finally coming, trader Alan Tardigrade reported that BTC/USD had now escaped a symmetrical triangle construction on two-hour timeframes. $90,000 was the key level to pass, an accompanying chart showed.
BTC/USDT perpetual contract two-hour chart. Source: Alan Tardigrade/XCrypto due to join TradFi Venezuela reaction
Elsewhere, expectations of volatility across global markets cemented themselves as futures prepared to open.
Related: Bitcoin price back at $90K: Is the bear market behind us?
Warning readers of rocky conditions to come, trading resource The Kobeissi Letter eyed particularly large implications for oil.
“This weekend’s events in Venezuela will have major effects on the global economy,” it concluded in an X thread.
XAU/USD one-hour chart. Source: Cointelegraph/TradingViewKobeissi added that Venezuela’s gold reserves were Latin America’s largest, increasing pressure on gold markets, which had flagged into the end of the year while crypto rebounded.
Commenting on Bitcoin’s perspectives versus the precious metal, crypto trader, analyst and entrepreneur Michaël van de Poppe was optimistic.
“$BTC vs. Gold is starting an uptrend,” he told X followers on the day.
BTC/USD vs. gold one-day chart with RSI data. Source: Michaël van de Poppe/XVan de Poppe noted that Bitcoin’s weekly relative strength index (RSI) values had hit their lowest levels since the end of the 2022 bear market.
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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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Source: https://cointelegraph.com/news/bitcoin-will-move-tradfi-reacts-venezuela-btc-price-nears-92k?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
