Since then, Bitcoin (BTC), has been consolidating over the support area of $90,000. It reached its most recent all-time (ATH) high ($99,645) about a month ago. The cryptocurrency closed under a short term downtrend line. It failed to breach it, and could potentially drop to two week lows.
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Bitcoin Faces ‘Moment Of Truth’
Bitcoin has one of the most attractive currencies. months The cryptocurrency has seen a 47% increase in its price from the monthly beginning to its current ATH. BTC is trading in the $90,000-$99,000 range since November 18 and has remained above the low range zone.
The ongoing rally, which has seen the price of bitcoin surpass the $99,000 mark twice in a row, is fueling investors’ confidence that the cryptocurrency could reach the milestone of $100,000 this month. The flagship cryptocurrency has faced rejection by a Lower High Resistance line over the past week.
Rekt Capital is a cryptocurrency analyst. pointed out Bitcoin’s daily closing has fallen below a trendline that represents a Lower High for the past week. This resistance is a barrier to the analyst. “moment of truth” A daily close of $100 could propel BTC to the mark.
But if you continue to do so, it could lead to a “likely reject at the trendline resistance once again.” BTC, despite reaching the 97,000-dollar mark yesterday closed at around 95,300 dollars for its seventh consecutive day. Bitcoin needs to close above $97,000 on Thursday in order to move away from the current trendline.
Analysts noted this. trendline It could be “a point of rejection again for Bitcoin For as long as it is a resistance,” Addition of investors “could see lower range levels again.”
The month of November will close with a near 40% rally
Crypto analyst Ali Martinez noted The $93,580 price mark is a key area of demand for Bitcoin. Nearly 504,000 BTC were purchased by 667,000 different addresses at that level. Martinez warns that if you stay above this mark, it could be dangerous. “is a must” These holders should not be sold.
The analyst’s chart is also important highlighted The next major resistance is $96,614 where 155,000 addresses purchased 297,000 BTC.
Martinez suggested that BTC may also bounce up to range highs, driven by Thanksgiving Day. It is worth noting, that Bitcoin’s price has fluctuated violently around Thanksgiving Day in the past, such as “2020’s”.Thanksgiving Day Massacre“, which recorded a BTC price decline of 17% within hours.
Analyst shared with us that Bitcoin is moving in a bullish wedge for one day, testing the lower range and then bouncing up the next morning. He believes that a breakout could cause a return to $99,000 if this form is broken.
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BTC is currently recording a monthly return of 36.6%, according to the data provided by CoinglassThe last two days of November could see even more gains. Though November may end up as this year’s second-best monthly, the scene is set for an explosive rally in December.
BTC has fallen 1% over the last 24 hour to $95,135.
Charts from TradingView.com and Unsplash.com.
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Source: www.newsbtc.com
