Bitcoin pulled back after failing to surpass the $100,000 mark on November 24, triggering one of the largest weekend crypto liquidation events in over six months. Currently trading at $97,790, Bitcoin has slipped 2% from its all-time high of $99,645, reached on November 22 when it narrowly missed the key milestone. Since November 5, when Republican Donald Trump secured victory in the U.S. presidential election, Bitcoin’s price has surged nearly 44%. Corrections are a natural part of any bull market, often causing inexperienced traders to panic, while seasoned investors see them as buying opportunities. The rising moving averages and the relative strength index (RSI) in the overbought zone suggest that the overall trend remains bullish, with upward momentum likely to continue.
At the time of writing, BTC was trading at $97,451.
BTC, after making previous the all time high of $73,777, was trading in the ‘Descending Channel’ forming a ‘Bullish Flag’ pattern. The asset gave a breakout above the channel and made the new all time high of $99,588. On a weekly time frame, BTC is forming a ‘Higher High Higher Low’ pattern. $100,000 may act as a resistance (psychological level) whereas $92,000 and $85,000 will act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $85,000 | $92,000 | BTC | $100,000 | $120,000 |
In the grand scheme of things, ZebPay blogs is here to provide you with crypto wisdom. Click on the button below and discover endless features on ZebPay!
