Bitcoin ( BTC ) hovered near $87,000 at the Wednesday Wall Street open as analysts eyed short liquidations.

Key points:

  • Bitcoin liquidity conditions analysis predicts a return toward $90,000 next.

  • Range-bound short-term price moves see trader bets pile in either direction.

  • US macro data gives stocks a modest boost but fails to sway crypto.

Liquidity could see BTC “pulled up” toward $89,000

Data from Cointelegraph Markets Pro and TradingView showed flat BTC price action characterizing the day’s trading.

Bitcoin analysis sees $89K short squeeze with S&P 500 2% from all-time high image 0 BTC/USD one-hour chart. Source: Cointelegraph/TradingView


A lack of volatility allowed liquidity to build either side of price, with $88,000 now an area of interest for trading resource TheKingfisher.

“There are a lot of short liquidations for $BTC on Binance around $88,253.90, which means the price could get pulled up towards that level,” it explained in a post on X .

Bitcoin analysis sees $89K short squeeze with S&P 500 2% from all-time high image 1 BTC order-book liquidity data. Source: TheKingfisher/X


Crypto investor and entrepreneur Ted Pillows flagged $89,000 as the key reclaim level for shorts to feel the pain.

“If BTC reclaims the $89,000 level, upside liquidity will be swept first. If Bitcoin loses the $85,000 level, the downside liquidity will be taken out before a bounce back,” he told X followers the day prior.

Data from monitoring resource CoinGlass put the major liquidity draws at $84,500 and $88,500 at the time of writing.

Bitcoin analysis sees $89K short squeeze with S&P 500 2% from all-time high image 2 BTC liquidation heatmap. Source: CoinGlass


Crypto analyst Lennaert Snyder noted that the long/short ratio among traders was “roughly 50/50” into $89,000 resistance.

“We need Bitcoin to eat some stop losses and grab fuel before the next directional move,” he commented. 

“Two scenario's I like is either we gain $89K, or sweep the $80.6K lows and bounce back.”

Bitcoin steady as S&P 500 heads higher

The day’s macroeconomic data prints had little impact on the stubborn BTC price action.

Related: Bitcoin price bottom due ‘this week’ with BTC down 20% in November

US jobless claims came in below expectations, potentially reflecting strengthening labor-market conditions.

Despite this, stocks climbed after the open, while bets of a Federal Reserve interest-rate cut in December remained favorable to risk assets.

CME Group’s FedWatch Tool put the odds of a 0.25% cut at the Fed’s Dec. 10 meeting at 83% at the time of writing — up considerably from 30% just a week prior.

Bitcoin analysis sees $89K short squeeze with S&P 500 2% from all-time high image 3 Fed target rate probability comparison (screenshot). Source: CME Group


While acknowledging rising fear levels, trading resource The Kobeissi Letter stressed that the S&P 500 was now just 2% away from fresh all-time highs.

“Asset owners are winning,” it concluded.

Investor fear levels are rising:

The cost of a 5-year put option protecting against at least a -55% drop in the S&P 500 has risen to 46 basis points, the highest since the April sell-off.

Excluding April, this is the highest level in at least 2 years.

This means investors are… pic.twitter.com/5SEXCSpfjy

— The Kobeissi Letter (@KobeissiLetter) November 26, 2025