$BTC
Bitcoin price struggles to overtake $100,000, but the predictable price action is creating a path forward for many altcoins.
Bitcoin BTC📈$97,362 rose above $98,500 on Nov. 29, indicating that the bulls remain on track to push the price above the psychologically crucial level of $100,000. CryptoQuant contributing analyst Caueconomy said in a post on X that Bitcoin whales bought roughly 16,000 Bitcoin during the dip on Nov. 26.
Along with Bitcoin, traders are also focusing their attention on Ether ETH📈$3,588.31. A Bybit spokesperson told Cointelegraph that their analysts expect Ether to hit $4,000 before Jan. 20, when President-elect Donald Trump takes office.
Bitcoin’s rally has triggered buying in several altcoins, but many remain below their respective all-time highs. Swyftx lead analyst Pav Hundal told Cointelegraph that altcoins could “remain choppy” until Bitcoin crosses $100,000.
✅Bitcoin Price Analysis✅$
Bitcoin formed an inside-day candlestick pattern on Nov. 28, which resolved to the upside with a break above $97,208 on Nov. 29.
The bulls will make one more attempt to clear the $100,000 hurdle. If they can pull it off, the momentum is likely to pick up, and the BTC/USDT pair could surge to $113,331 and later to $125,000.
On the contrary, if the price turns down sharply after breaking above $100,000, it will signal that the breakout may have been a bull trap. The pair may then slide to the 20-day exponential moving average ($91,129), which is the critical support to watch out for on the downside. If this support gets taken out, the pair may slump to $85,000.
Source: Cointelegraph