As Bitcoin (BTC) approaches the significant mark of $92,000, traders are anticipating increased volatility influenced by geopolitical developments concerning Venezuela. Over the weekend, BTC saw a price increase of up to 2%, with the cryptocurrency hovering around $91,000, as market participants prepared for the reopening of traditional finance (TradFi) markets.
Data from TradingView indicated that the price action was reflective of reactions to the recent U.S. military involvement in Venezuela. Analysts noted that a critical liquidity cluster exists near the $88,000 level, while traders are also monitoring significant sell walls at the $92,000 and $95,000 thresholds, which could affect potential price movements. A trader identified as Exitpump highlighted the lack of resistance above $95,000, suggesting a possible quick ascent towards $100,000.
Market behavior has shown instances of "fakeouts" around weekly candle closes, leading to liquidations as positions are adjusted. Notably, BTC has managed to break out from a symmetrical triangle pattern, with the $90,000 level now seen as crucial for future price direction.