Bitcoin hovered around $96,000 on Nov. 29, following a robust defense of support levels that set the stage for consolidation.
Bitcoin Resilient Above $90,000
Data from TradingView indicated that Bitcoin’s recent surge on Nov. 27 was followed by reduced volatility, with BTC/USD closing just below $96,000 on Bitstamp. Despite pressure from sellers, Bitcoin managed to avoid slipping below $90,000, reinforcing a new support zone that has been building over the past two weeks.
“Excellent retest of $91,000 as support,” remarked analyst Rekt Capital on X, emphasizing the constructive nature of the recent price action. “The focus now shifts to breaking the trendline to reclaim $100,000.”
Market commentator The Kingfisher, known for analyzing liquidation points on trading platforms, observed heightened activity around liquidity zones both above and below the spot price.
Data from analytics platform CoinGlass revealed that most of the selling interest was concentrated above $97,000, hinting at potential resistance levels in the short term.
High leverage in the market could amplify liquidations, warned IT Tech, a contributor to CryptoQuant, while reacting to the observed data on X. Previously, reports highlighted how large-volume traders have influenced Bitcoin’s short-term price movements through strategic activity.
Ethereum Eyes $4,000 After Price Recovery
While Bitcoin consolidated, attention turned to Ether (ETH), which staged a notable recovery. The leading altcoin has been trending upward throughout the week, sparking optimism among traders.
Rekt Capital identified $4,000 as a key target for ETH in the near term, citing a breakout above $3,700 as critical for further upward momentum. “Ethereum is testing ~$3,700 resistance, and a weekly close above this level could pave the way for a continuation of the macro trend to revisit highs unseen since late 2021,” the analyst noted.
However, some traders remain cautious about Ethereum’s path forward. Credible Crypto, another prominent analyst, pointed to the potential for ETH/USD to dip below $3,000 before resuming its ascent.
“While ETH has shown encouraging strength, we’re approaching a significant resistance area on the ETH/BTC pair. A rejection here could drive ETH into a demand zone around $2,700–$2,800, especially if BTC experiences a 10% pullback,” they explained in an X post.
Both Bitcoin and Ethereum remain at pivotal points, with traders closely monitoring the next moves as markets stabilize.
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