Bitcoin Consolidates Below $100K Resistance
2024-11-28

Bitcoin (BTC/USDT) is currently trading at $95,599, reflecting a modest increase of +0.13%. The market is consolidating below the critical resistance zone of $98,000–$100,000, suggesting indecision among traders as Bitcoin approaches a pivotal point.

The resistance zone near $98,000–$100,000 has repeatedly capped upward momentum. A break above this level would signal renewed bullish strength, potentially pushing Bitcoin toward $102,000 or even higher. This resistance represents a psychological and technical barrier, and any breakout would require strong buying momentum and favorable market conditions.

On the downside, the $92,000–$94,000 support zone offers a solid base for buyers. If the price retraces to this level, it could present an opportunity for accumulation before another upward attempt. However, a failure to hold this support would shift the focus to a deeper correction, likely targeting lower levels.

Bitcoin’s current consolidation phase reflects market uncertainty, with traders closely watching for a breakout or retest of support. Macro factors, such as regulatory developments or broader risk sentiment in financial markets, could act as catalysts for the next move. For now, Bitcoin’s ability to maintain above support and break resistance will define its short-term trajectory.