Close Menu
    Bitcoin

    Bitcoin hits new record by briefly surpassing $90,000, struggles to maintain stability amid market volatility

    By No Comments2 Mins Read
    trader, train, man, woman, African, European, laptop, window, line graph, chart, price, market, analysis, analytics, freelancing, freelance, freelancer, remote worker, bitcoin

    30s Summary

    Bitcoin momentarily surpassed $90,000 on November 13, setting a new all-time record, but failed to stabilize at that level. Overselling and market overstretching continue to make the market volatile. Material Indicators’ Keith Alan suggested Bitcoin’s need for steady support at its new price range. Predictions on market direction vary, ranging from a massive price drop to a consistent rise. Despite the bullish predictions, many believe Bitcoin needs a break before attempting to hit six figures. Investors are urged to research thoroughly, as investing in Bitcoin involves risk.

    Full Article

    Bitcoin (BTC) briefly soared beyond $90,000 on Nov. 13, establishing a new all-time high. However, the celebration was short-lived as the BTC price has yet to stabilize above this mark. Despite multiple attempts to surpass the $90,000 level, successful breaches have only been brief.

    The market remains volatile, with the allure of a round figure like $90,000 intertwining with heavy selling activity and arguments of an overstretched market. Keith Alan, co-founder of Material Indicators, suggested that Bitcoin needs to cool off a bit and form some steady support at its new price range.

    Alan noted that $80 million worth of Bitcoin lingered at the $90,000 mark and a massive $177 million sell wall at $100,000 could potentially slow down the price rise. Informative platforms such as CoinGlass pointed out that the $90,000 mark indeed continues to magnetize liquidity as the price stays around 2% lower.

    Material Indicators also hinted at steady market conditions, flagging a potential bearish signal in their proprietary trading tool, Trend Precognition. They suggested that Bitcoin price might not reach a new all-time high in the next 24 hours.

    Predictions vary across the market, with some suggesting the current situation is a “massive bull trap” while others believe the upward trend will continue. The market anticipation oscillates between a Bitcoin price crash reaching $50,000 or lower and a steady increase.

    Despite the bullish outlook, some suggest that Bitcoin might need a breather before trying to hit six figures. Market resistance predictions hover around the $88,000-$91,000 range and the $102,000-mark based on Fibonacci bands and liquidation levels.

    Just remember, investing in Bitcoin does involve risk, and it’s crucial to do your own research before pulling the trigger.

    Related Posts