Bitcoin hit $90,000, but holding it is proving to be a challenge.  Godleak explains why.

Bitcoin  price is trying to punch through the $90,000 level but encountering some pushback. Let’s briefly explore why.

On the BTC/USDT 1-hour chart, one can observe a block of sell orders at $90,000. As BTC price runs into these asks, the selling adds a bit of gravity to the price momentum, and the price pulls back slightly. Another block of asks can also be observed at $91,150.

Looking at the aggregate order book also provides a clear view of how the $90,000 level is being defended.

Bullish traders would like to push through the $90,000 level in order to begin liquidating short positions in this region that extend to $93,000.

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Further evidence of this push to break through $90,000 can also be seen in the surge in spot volumes, notably at Coinbase, where Bitcoin tends to trade at a premium.