Bitcoin’s price has been stuck in a holding pattern for the past couple of weeks, hovering around the $90,000 mark. While it hit a new all-time high of almost $100,000 recently, it hasn’t been able to break through a key resistance level.
A Crucial Resistance Level
Analysts are watching a specific trendline closely. A daily close above this line could send Bitcoin soaring towards $100,000. However, if it continues to close below this line, it could fall back down to lower prices. This is being called a “moment of truth” for Bitcoin’s price. For several days, Bitcoin has closed below this resistance level. To break out, it needs to close above approximately $97,000.
Key Support and Resistance Levels
Another analyst points out some important price levels to watch. A significant number of Bitcoin holders bought at around $93,580. Staying above this level is crucial to prevent a potential sell-off from these holders. A stronger resistance level sits around $96,614.
Thanksgiving Volatility and Potential for a Bounce
Historically, Bitcoin’s price has seen significant swings around Thanksgiving. There’s a chance for a price bounce, possibly fueled by holiday trading activity. However, we should remember the “Thanksgiving Day Massacre” of 2020, where Bitcoin dropped 17% in a matter of hours.
Currently, Bitcoin is showing a bullish pattern on a shorter timeframe, suggesting a potential rebound towards $99,000.
November’s Strong Performance and December’s Outlook
Despite the recent price uncertainty, November has been an excellent month for Bitcoin, with gains exceeding 36%. Even if the price doesn’t reach $100,000 this month, November is shaping up to be one of the best months of the year for Bitcoin, setting a potentially positive stage for December. As of now, Bitcoin is trading slightly below $95,000.
