Bitcoin has captured attention with its fresh price targets as it positions itself near the $97,000 mark following a robust recovery and supportive futures market indicators.
Key Highlights:
- Bitcoin held strong at the $90,000 mark leading into the Thanksgiving weekend after experiencing recent highs.
- Market sentiment appears increasingly bullish, with potential targets reaching $100,000 once again.
- Futures market indicators suggest a purging of leveraged positions, laying a solid foundation for a more perennial upward movement.
BTC Price Bull Targets Are Resurfacing
According to data from Cointelegraph Markets Pro, Bitcoin’s price support is firmly established at $90,000.
BTC/USD four-hour chart
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Earlier in the day, Bitcoin recorded weekly highs near $92,000, benefiting from a pause in Wall Street trading. Traders noted that an essential resistance level is now approaching at the yearly opening mark above $93,000.
“If this level breaks, Bitcoin is back up to $100K,” stated trader Michaël van de Poppe in a post on X. “Overall, a significant uptick was observed. I anticipate some consolidation before overcoming this resistance.”
BTC/USD one-day chart
BTC/USD one-day chart. Source: Michaël van de Poppe/X
Further analysis by Daan Crypto Trades pointed to the $97,000 area as a critical point for potential upward movement.
“The $97K-$98K range has built up a significant liquidity pocket following a heavy sell-off recently,” he informed his X followers along with data from CoinGlass.
“This level aligns with a clear horizontal price point as well. Overall, it’s a critical area to monitor.”
In addition, van de Poppe expressed willingness for a retest of $88,000 first, believing that the overall bullish trajectory for Bitcoin is not yet over.
Bitcoin Markets Taking a “Significant Step” Towards Recovery
In related developments, J. A. Maartunn from CryptoQuant shared positive news for Bitcoin proponents. Spot markets are entering a recovery phase, with cumulative volume delta moving back to neutral from negative.
“That’s a substantial advancement!” he remarked.
