Bitcoin Technical Update: November 28, 2024

The price of Bitcoin (BTC) is currently hovering around $95,800, showing a slight rise of 0.4% over the past 24 hours. After reaching its all-time high of $99,645 on November 22, BTC is consolidating in a tight range as markets look to define its next move.

Technical Key Levels:

• Immediate Resistance: $96,500 (short-term psychological and technical level).

• Strong Support: $93,000 (recent pivot point and accumulation zone).

• 200-Day Moving Average: Well below the current price, confirming the prevailing bullish trend.

Market Sentiment:

Optimism remains strong thanks to institutional interest and a favorable macroeconomic backdrop. However, short-term volatility persists due to recent option expirations and key economic data impacting market liquidity.

Recommendations for traders:

1. Watch for breaks above $96,500, as they could open the door for a new attempt towards $99,000 or higher.

2. Be cautious with drops below $93,000, as they could push the price towards the $90,000 zone.

3. Monitor indicators such as the RSI and volume to confirm possible overbought or accumulation zones.

Bitcoin remains the center of attention in the market, consolidating as the next big move seems to be approaching.

Do you think $BTC will hit $100,000 in the coming weeks? Leave us your opinion! 🚀