Bitcoin ( BTC ) is hovering just below $90,000 as the month of November nears its close.
Key Points:
- Traders are anticipating a potential rebound to the $100,000 range following recent declines.
- The price must navigate the implications of a significant “death cross” on daily charts.
- Recent analytics show a shift in BTC ownership from long-term to short-term holders.
- With US Thanksgiving approaching, a week filled with impactful data could affect market dynamics.
- Despite traditional stocks facing significant fear, the crypto market sentiment appears to be improving.
Market Sentiment Update
After hitting lows below $80,500, Bitcoin faces uncertainty as it approaches the end of the month. Analysts note a resistance level at $88,000, while sentiment is showing signs of recovery. Following a sell-off, speculation is building about future price movements.
Analyst Insights
- Michaël van de Poppe believes market indicators suggest Bitcoin may trade between $90,000 and $96,000 next week.
- Daan Crypto Trades remarked on the necessity of a rebound to reinforce bullish expectations. “BTC appears favorable if prices can close above $92,000.”
- Benjamin Cowen cautioned that failure to bounce back could lead to a further decline to the 200-day simple moving average, which stands at approximately $110,130.
BTC/USD one-hour chart
Source: Cointelegraph/TradingView
Speculative Shifts in Bitcoin Holdings
According to On-chain analytics from CryptoQuant, there’s a notable transition of BTC from long-term to short-term holders, highlighting market volatility and speculative buying.
Bitcoin position change
Source: CryptoQuant
With Thanksgiving approaching, the combination of economic indicators such as PPI and PCE could lead to significant fluctuations in Bitcoin prices as the market responds to new data.
