As a seasoned crypto investor with over a decade of experience in this volatile market, I find the current price action of Bitcoin (BTC) and Ethereum (ETH) intriguing. The recent retest of $91,000 as support by BTC was indeed “fantastic,” to quote Rekt Capital. It’s a sign that bulls are still very much in control, and if the trendline is broken, we could be on our way back to $100,000.
Bitcoin (BTC) circled $96,000 on Nov. 29 as a “fantastic” support retest gave way to consolidation.
Bitcoin holds ground after bulls protect $90,000
The data obtained from CryptoMoon Markets Pro and TradingView indicated that the Bitcoin price fluctuations lessened following a day with significant increases on November 27, ultimately closing slightly below $96,000 on Bitstamp.
The price of Bitcoin against the US dollar held firm against selling pressure, avoiding a drop below $90,000, instead establishing a fresh support level that has been building over the last fortnight.
According to Rekt Capital, a well-known trader and analyst, the recent price level of $91,000 is acting as strong support for the market movements related to X, indicating a generally optimistic outlook.
“Now all about breaking the trendline (blue) to get back to $100,000.”
On the same trading floor, another active player, commonly recognized for monitoring liquidation thresholds in the order books, observed a pattern of liquidity being targeted both above and below the current market price during that particular day.
As I delve into my current study, the most recent data from our trusted resource, CoinGlass, indicates that a significant portion of ask liquidity was strategically placed above the $97,000 mark at the moment of this writing.
In the immediate future, situations with high risk could lead to forced sales or liquidations,” said IT Tech, a contributor at CryptoQuant, as he cautioned his X followers based on the data he analyzed.
Previously, our sources at CryptoMoon highlighted the potential influence of big-time traders on Bitcoin’s short-term price fluctuations due to their manipulative strategies.
ETH price action sees $4K target return
During that time, traders primarily paid attention to altcoins such as Ether (ETH). Unlike Bitcoin, Ether experienced an anticipated uptick over the course of the week.
Reacting, Rekt Capital highlighted the $4,000 mark as a potential near-term bullish target.
In simpler terms, he pointed out that Ethereum returned to a significant resistance level of around $3,700 in its primary market setup, as shown in the provided graph.
“Now needs a Weekly Close above this resistance to break out into macro trend continuation to new highs not seen since late 2021.”
Popular trader Credible Crypto considered the odds of a sub-$3,000 dip on ETH/USD first.
It’s encouraging to notice the current resilience in ETH, however, we are nearing a potential ‘challenging zone’ when considering the ETH/BTC exchange.
“A rejection here and lower high would give us a push into weekly demand, which, paired with a ~10% correction on $BTC would give us our major 2700-2800 buy zone.”
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2024-11-29 11:28