Bitcoin holds $90,000 support amid market consolidation, while Ethereum eyes $4,000
Data from Cointelegraph Markets Pro and TradingView show that BTC price volatility has stabilized as of November 29, after Bitcoin hovered around $96,000 on Bitstamp. This price action suggests that bulls have successfully defended the important $90,000 psychological level and established it as a strong support line over the past two weeks.
The $91,000 support level was tested again very well” Bitcoin’s price action is optimistic. The market dynamics are focused on breaking through a key trendline to sustain the upward momentum and hopefully reach the coveted $100,000 milestone.
As prices stabilized, observing the liquidity dynamics noted by market participant The Kingfisher, he determined that liquidity was strategically located around $97,000, indicating an increase in market activity above this threshold. According to data from CoinGlass, there is a large amount of sell liquidity, which adds another layer of complexity to the trading environment.
IT Tech of CryptoQuant stressed that high leverage under current trading conditions could trigger liquidations. Such foresight is essential for traders to navigate potential volatility. Previous reports by Cointelegraph also noted that irregular trading activity by large entities could affect short-term BTC price performance, suggesting that the risk profile of those engaging in leveraged positions is layered.
Similar to Bitcoin’s move, Ethereum has also sparked a market rally, bringing the price of Ethereum close to its $4,000 price target for traders who follow this altcoin. Ethereum’s recent price gains indicate renewed investor interest, especially as it recovers to key resistance around $3,700.
Prominent analysts such as Rekt Capital are advocating for a decisive weekly close above this resistance level to confirm continued growth, which would mean a return to trend highs not seen since late 2021. The interplay between Bitcoin and Ethereum showcases what is happening in the larger market context.
Despite the positive outlook, some traders remain cautious about the possibility of a price correction to the $2,800 range. Influential trader Credible Crypto said that while ETH’s current momentum is encouraging, a rejection at a key resistance level could trigger a pullback. Such a scenario could create an ideal buy zone around $2,700-2,800, reflecting typical market behavior during rapid price changes.
Bitcoin has shown considerable resilience, remaining above key support levels as market dynamics develop. Meanwhile, Ethereum is targeting important price points that could signal a shift in momentum in the altcoin space. Traders should remain vigilant of liquidity patterns and resistance levels, which will play a key role in determining future market trajectories. A balanced trading approach could yield valuable insights as Bitcoin and Ethereum navigate their respective challenges. $BTC
