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Bitcoin Faces Crucial Resistance as November Monthly Close Approaches
Bitcoin (BTC) is attempting to reclaim a crucial support area amid recent market corrections. After hitting a one-week high of $93,092, it retraced and is currently trading below $100,000 for nearly two weeks.
Key Points:
- Bitcoin recently plunged to a seven-month low of $80,600 but led a recovery, retesting the $82,000-$93,000 range.
- Analyst Rekt Capital notes BTC has rebounded over 7% from its local bottom and is retesting the resistance at $90,000-$91,000.
- A close above $93,500 could sustain momentum and target a downtrend line near $96,000.
- Market watcher Ted Pillows suggests reclaiming $92,000-$93,000 may push prices towards $98,000-$100,000; failure could drop it below $88,000.
- Daan Crypto Trades highlights potential liquidity pockets between $97,000-$98,000, noting this zone aligns with key horizontal price levels.
The short-term outlook suggests volatility due to low volume and liquidity around Thanksgiving. Currently, Bitcoin trades at $90,500, down 1.1% for the day.
