Bitcoin’s recent rally has captivated market watchers, surging beyond key resistance at $93K and brushing close to the $100K mark. However, as the week begins, BTC struggles at $99K—a level proving to be a formidable barrier. Despite its bullish momentum since October, with gains exceeding 29%, signs of a temporary pullback have emerged, leaving traders speculating: Is this a pause before a historic breakout or the start of a deeper correction?
From a technical perspective, market indicators provide a mixed narrative. The Relative Strength Index, for instance, has cooled off from overbought territory, currently sitting at 69.06, signaling a possible halt in buying pressure. Meanwhile, the Directional Movement Index shows the bullish ADX line (54.27) maintaining strength but hints of declining momentum as bearish indicators creep upwards.
Experts Insights on BTC Price Outlook
According to Titan of Crypto, the BTC token has successfully reached its intermediate Fibonacci extension target of $95,087, but eyes are now on the next major milestone—the 200% Fibonacci extension level at $111K. This projection underlines the possibility of a continued rally if the token can decisively break through the $100K barrier.
#Bitcoin $111,000 Soon? 💥🚀#BTC has hit its intermediate target.
What’s next? Potentially the 200% Fibonacci extension level at $111K! pic.twitter.com/kOpOs83WuP
— Titan of Crypto (@Washigorira) November 25, 2024
Another prominent analyst, Kamil Shaheen, emphasized Bitcoin’s consolidation pattern before explosive moves. With two major consolidation periods completed this year, the cryptocurrency could prepare for a third rally aligning with its historical momentum cycles. However, this bullish scenario hinges on the token’s ability to turn the $99K resistance into support, paving the way for a potentially parabolic advance.
BTC is showing signs of a potential third major rally.
After two significant consolidation periods, $BTC could be poised for another explosive move. #BTC pic.twitter.com/Sw5Di9iWFE
— Kamil (@KamilShaheen19) November 24, 2024
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Adding historical context, Rekt Capital pointed out the token’s impressive recovery from its bear market lows. Nonetheless, the current setup suggests BTC is on the brink of breaking $100K, a level that could signal the start of a new era for the cryptocurrency market. With bullish targets now set as high as $111K, market participants are bracing for what could be Bitcoin’s most decisive move yet.
On-Chain Insights Highlight BTC’s Critical Levels
On-chain data further illuminates Bitcoin’s struggle at $99K, revealing critical price zones that influence the cryptocurrency’s near-term performance. At press time, 86.60% of BTC addresses are “in the money,” suggesting strong support below $95K. This encompasses 46.83 million addresses holding BTC within profitable ranges, primarily between $64,647 and $95,059.
However, resistance remains evident, with 1.54% of addresses, approximately 833,000, currently “out of the money” at higher price levels. The next challenging zone for Bitcoin lies just above its current price, where a cluster of addresses acquired BTC between $95,634 and $98,490. This suggests selling pressure could intensify if the token approaches these levels, making a breakout above $99K more difficult.
Zooming in, the narrow band of BTC addresses holding between $94,846 and $94,944 indicates the immediate price range where sentiment teeters between optimism and caution. If Bitcoin can gather sufficient volume to push past these resistance points, the path toward $100K could clear. Conversely, failure to sustain momentum here might signal a retest of lower support levels.
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Also Read: BTC’s Re-accumulation Zone; Is $91K the New Support?
