Bitcoin maintained upward momentum, reaching a new all-time high of $94,374 before the US trading session on November 20, following a rebound from lows of $91,500. Despite this bullish trend, on-chain analysis from CryptoQuant raised alarms about long-term holders selling off their Bitcoin, indicating that market tops often occur when dormant coins are reactivated. Traders suggested a potential reversal in the mid to high $90,000 range, forecasting a consolidation phase before any attempts to break through the $100,000 mark. Concurrently, options trading commenced on BlackRock’s iShares Bitcoin Trust (IBIT) ETF, creating optimism about Bitcoin’s integration into mainstream investment portfolios. Analysts believe that the ETF will attract new investors and diversify trading strategies, potentially stabilizing Bitcoin's price volatility.

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