Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) has been consolidating above the $90,000 support zone for the last ten days, reaching its latest all-time high (ATH) of $99,645 about a week ago. Since then, the cryptocurrency has closed below a short-term downtrend line, failing to break above it and potentially risking a drop to two-week lows. Related Reading: Altcoins \u2018Starting To Run\u2019 After Reclaiming This Key Level, Altseason Around The Corner? Bitcoin Faces \u2018Moment Of Truth\u2019 Bitcoin is having one of the best months in the cryptocurrency\u2019s recent history, jumping over 47% from its monthly opening to its latest ATH. Since November 18, BTC has been moving within the $90,000-$99,000 price range, holding above the lowest range zone despite the recent retraces. After surpassing the $99,000 level twice, the ongoing rally has fueled investors\u2019 optimism about achieving the potential run to the $100,000 milestone this month. However, the flagship crypto has been facing rejection from a Lower High resistance line for the last week. Crypto analyst Rekt Capital pointed out that Bitcoin has been closing daily below a one-week Lower High trendline. To the analyst, this resistance marks a \u201cmoment of truth\u201d as a daily close above it could send BTC toward the $100,000 mark. However, continuing to close below it risks a \u201clikely reject at the trendline resistance once again.\u201d Despite hitting the $97,000 mark yesterday, BTC closed Wednesday around $95,300 for the seventh day. Bitcoin must close Thursday above the $97,000 level to break out from the trendline. The analyst noted that this trendline could be \u201ca point of rejection again for Bitcoin For as long as it is a resistance,\u201d adding that investors \u201ccould see lower range levels again.\u201d November To Close With A Near 40% Rally Crypto analyst Ali Martinez noted that one key demand zone for Bitcoin is the $93,580 mark, as 667,000 addresses bought nearly 504,000 BTC at this price. Martinez warned that staying above this level \u201cis a must\u201d to prevent these holders from selling off. Moreover, the analyst\u2019s chart highlighted that the biggest resistance level ahead is the $96,614 mark, where 155,000 addressed purchased 297,000 BTC. Martinez also suggested BTC could bounce to the range highs, fueled by Thanksgiving Day. It\u2019s worth noting that, throughout the years, Bitcoin has recorded violent price swings around this holiday, like 2020\u2019s \u201cThanksgiving Day Massacre,\u201d which saw BTC record a 17% price drop within hours. The analyst shared that Bitcoin has been moving within a one-day bullish falling wedge, retesting the lower range as support and bouncing in the morning. To him, a successful breakout from this formation could trigger a rebound to $99,000. Related Reading: Latest Memecoin Sensation CHILLGUY Hits $0.65 ATH, What\u2019s Behind The 80% Rally? BTC currently records a 36.6% monthly return, according to data from Coinglass, with the potential to see further gains in November\u2019s last two days. Nonetheless, November will seemingly close as this year\u2019s second-best month, setting the stage for a massive rally in December. As of this writing, BTC is trading at $95,135, a 1% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,93451,679,6481,93440,1119,78790,26263,10923,16925,89756],"class_list":["post-655507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bullish-pattern","tag-bitcoin-price","tag-bitcoin-rally","tag-bitcoin-thanksgiving-day-massacre","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-market","tag-crypto-rally","tag-crypto-trader"],"acf":[],"yoast_head":"\n
Bitcoin Could Drop Below $90,000 If It Doesn\u2019t Break This Level<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n