Bitcoin faces volatility after a sharp rally, with analysts watching $88,000 support for potential continuation or retracement.
Recent Bitcoin highs above $90,000 signal strong bullish sentiment, but $88,000 support is critical to maintain the upward trend.
Rekt Capital warns that holding $88,000 support could set Bitcoin for new highs, while a drop risks further pullbacks.
Bullish momentum caused Bitcoin to soar beyond $90,000 earlier this week, reaching an daily high of $92,000. However, price retracements indicate sellers entering the market, and since then, Bitcoin has seen volatility.
As of early November, Bitcoin has seen rapid price increases, fueled by substantial buying pressure that broke through resistance around $80,000. Following these gains, analyst Rekt Capital suggests Bitcoin’s price action may test critical support near $88,000, making it a key level for continued growth.
The recent chart for Bitcoin on Coinbase reveals sharp upward movement. Bitcoin began November with strong buying momentum, pushing it to a peak close to $90,000 on November 10. Notably, Bitcoin has traded above the $88,000 support level this week, but frequent fluctuations indicate traders are taking profits. This fluctuation is evident from the tall candlestick wicks on the chart, suggesting temporary pullbacks amidst bullish trading activity.
Key Resistance and Support Levels in Focus
Around November 10, Bitcoin saw resistance near $92,000 before retreating. The price now consolidates closer to $89,353 as it faces the resistance levels from earlier this week. The two marked support levels around $88,715 and $88,018 are crucial as Bitcoin attempts to maintain these levels. Notably, Rekt Capital highlights the importance of holding above $88,000 to sustain this new trading range and avoid a potential drop.
The initial break above $80,289 led to a strong bullish push, with buyers showing interest in higher price levels. However, after reaching $92,000, Bitcoin’s red candlesticks indicate traders are booking profits. Consequently, the consolidation phase suggests a potential cooling-off period as traders reassess their positions.
https://twitter.com/rektcapital/status/1857079849388499425 Potential Price Scenarios and Next Market Moves
If Bitcoin holds the $88,000 support level, it may gather momentum for another rally. Besides, sustaining this support could attract more buyers and reinforce the current price range. However, any slip below $88,000 may prompt further corrections, potentially pushing Bitcoin toward lower support levels.
Rekt Capital highlights the importance of these levels for future price changes as Bitcoin trades in mid-November. Given Bitcoin's recent positive trend and some investors' profit-taking, market participants will probably keep a close eye on the support and resistance levels.
The post Bitcoin Battles $88,000 Support After Peaking Near $92,000, Analyst Warns appeared first on Crypto News Land.
