Bitcoin Price Analysis
Bitcoin has shown significant strength this past week, surpassing $81,000 on Nov. 10. Analysts suggest that the rally may be in its early stages, with potential for continued growth. Bitcoin analyst Tuur Demeester highlighted on X that holding (“HODLing”) remains a sound strategy, stating, “no rash action is needed, HODLing does the work for you.”
While some new investors may question if Bitcoin’s surge makes it overvalued, Bitwise Invest CEO Hunter Horsley noted that “Bitcoin is different.” He explained that rising prices often reinforce confidence in its long-term success, further boosting its value and potential for future increases.
Market Sentiment and Altcoin Performance
Bitcoin’s rally has sparked movement in various altcoins, breaking their overhead resistance levels and reflecting improved market sentiment. However, commentator WhalePanda cautioned that low liquidity over the weekend may lead to retracements.
Technical Overview: Bitcoin (BTC/USDT)
The upward momentum pushed Bitcoin above $80,000, potentially triggering short covering. The breakout target from the $54,000 to $73,777 range is $93,554, which may act as a resistance level. A push beyond this could extend the rally toward the key psychological threshold of $100,000. Bears need to drive the price below the 20-day EMA at $71,753 to regain control, which could lead to long liquidation and a decline to the 50-day SMA at $66,864.
The four-hour chart indicates that the bulls defended the 20-EMA, a critical short-term support. Sustaining this level may propel the BTC/USDT pair toward $93,554. Conversely, a breach below the 20-EMA would signal weakening bullish momentum, potentially leading to a drop toward $75,500 and $73,777.
Technical Overview: Ether (ETH/USDT)
Ether rebounded from the support line of a symmetrical triangle on Nov. 6, surging past $2,850 and opening the path to the downtrend line. Breaking above this level could push ETH to $4,094. Key support on the downside lies at $2,850, and a rebound from this level would indicate continued positive sentiment. However, a drop below $2,850 could tilt advantage to the bears.
The RSI on the four-hour chart shows overbought conditions, suggesting the potential for a pullback. Support at the 20-EMA is crucial. A strong rebound here could drive ETH to $3,500. Falling below the 20-EMA may trigger profit booking, pulling ETH down to $2,850.
Technical Overview: Solana (SOL/USDT)
Solana broke above the $210 resistance on Nov. 10, signaling an attempt by bulls to establish dominance. A sustained close above $210 could initiate a rally to $230 and $260, where sellers are likely to mount strong resistance. Failure to maintain the breakout may lead to a decline to $189, with the 20-day EMA at $178 serving as further support.
The four-hour chart shows that buying interest has returned at the 20-EMA, keeping the path clear for potential gains toward $230 and $260. A break below the 20-EMA would indicate weakening momentum, potentially leading to a drop toward the 50-SMA.
Technical Overview: Sui (SUI/USDT)
SUI gained momentum after breaking past the overhead resistance of $2.37 on Nov. 9, pushing above $3.00. However, the candlestick’s long wick indicates selling pressure at higher levels. If the price dips below $2.70, a pullback toward $2.37 may occur. If bulls maintain support near $3.00, the next target could be $4.00.
The four-hour chart indicates initial selling above $3.00, with $2.70 serving as the first support. A strong rebound from this level could propel the SUI/USDT pair to $3.15 and beyond. A break below $2.70 would signal profit-taking, potentially leading to a drop to the 20-EMA.
Technical Overview: Aave (AAVE/USDT)
AAVE gained momentum post-breakout from its moving averages on Nov. 6, reaching the key resistance level of $200 on Nov. 9. If bulls sustain pressure and break through $200, the AAVE/USDT pair could target $260. Immediate support lies at $180; a break below this could lead to a decline toward the 20-day EMA at $160.
The four-hour chart shows selling pressure near $200, with potential support at the 20-EMA. A rebound could set the stage for another attempt to break $200 and rally toward $220.
Conversely, a break below the 20-EMA would indicate profit-taking by traders, pushing AAVE toward $175 and critical support at $165.