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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Bitcoin Could Drop Below $90,000 If It Doesn’t Break This Level, Rally On Pause?

Rubmar Garcia
Rubmar Garcia
Last Updated: November 29, 2024 1:00 pm
3 mins read
BTC, Bitcoin

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Bitcoin (BTC) has been consolidating above the $90,000 support zone for the last ten days, reaching its latest all-time high (ATH) of $99,645 about a week ago. Since then, the cryptocurrency has closed below a short-term downtrend line, failing to break above it and potentially risking a drop to two-week lows.

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Bitcoin Faces ‘Moment Of Truth’

Bitcoin is having one of the best months in the cryptocurrency’s recent history, jumping over 47% from its monthly opening to its latest ATH. Since November 18, BTC has been moving within the $90,000-$99,000 price range, holding above the lowest range zone despite the recent retraces.

After surpassing the $99,000 level twice, the ongoing rally has fueled investors’ optimism about achieving the potential run to the $100,000 milestone this month. However, the flagship crypto has been facing rejection from a Lower High resistance line for the last week.

Crypto analyst Rekt Capital pointed out that Bitcoin has been closing daily below a one-week Lower High trendline. To the analyst, this resistance marks a “moment of truth” as a daily close above it could send BTC toward the $100,000 mark.

However, continuing to close below it risks a “likely reject at the trendline resistance once again.” Despite hitting the $97,000 mark yesterday, BTC closed Wednesday around $95,300 for the seventh day. Bitcoin must close Thursday above the $97,000 level to break out from the trendline.

The analyst noted that this trendline could be “a point of rejection again for Bitcoin For as long as it is a resistance,” adding that investors “could see lower range levels again.”

November To Close With A Near 40% Rally

Crypto analyst Ali Martinez noted that one key demand zone for Bitcoin is the $93,580 mark, as 667,000 addresses bought nearly 504,000 BTC at this price. Martinez warned that staying above this level “is a must” to prevent these holders from selling off.

Moreover, the analyst’s chart highlighted that the biggest resistance level ahead is the $96,614 mark, where 155,000 addressed purchased 297,000 BTC.

Martinez also suggested BTC could bounce to the range highs, fueled by Thanksgiving Day. It’s worth noting that, throughout the years, Bitcoin has recorded violent price swings around this holiday, like 2020’s “Thanksgiving Day Massacre,” which saw BTC record a 17% price drop within hours.

The analyst shared that Bitcoin has been moving within a one-day bullish falling wedge, retesting the lower range as support and bouncing in the morning. To him, a successful breakout from this formation could trigger a rebound to $99,000.

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BTC currently records a 36.6% monthly return, according to data from Coinglass, with the potential to see further gains in November’s last two days. Nonetheless, November will seemingly close as this year’s second-best month, setting the stage for a massive rally in December.

As of this writing, BTC is trading at $95,135, a 1% drop in the last 24 hours.

bitcoin, btc, btcusdt
Bitcoin’s performance in the weekly chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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