Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach the stated milestone and push the price further higher. Bitcoin started a fresh increase above the $96,500 zone. The price is trading below $98,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $98,000 resistance zone. Bitcoin Price Eyes More Upsides Bitcoin price remained supported above the $92,500 level. BTC formed a base and started a fresh increase above the $96,000 level. It cleared the $97,500 level and traded to a new high at $99,650 before there was a pullback. There was a move below the $98,000 level. A low was formed at $95,973 and the price is now rising. There was a move above the $96,800 resistance level. The price cleared the 50% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low. Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low. The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000. A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $105,000 level. Downside Correction In BTC? If Bitcoin fails to rise above the $98,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $96,800 level. The first major support is near the $95,750 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $96,800, followed by $95,000. Major Resistance Levels – $98,000, and $100,000.
The new wealth record has been driven by a Tesla stock surge late last week and a $50 billion funding round for Musk’s AI startup.
FET’s impressive surge may be nearing a pause, as current market sentiment does not fully support bullish momentum.
Last week was another positive period for the Dogecoin price. After concluding the prior week in a phase of consolidation, the meme cryptocurrency carried this trend into the early days of the new week. However, the Dogecoin price kicked off a new 25% rally on Friday, November 22, to create a new 2024 high. Related Reading: Top Analyst Claims XRP New ATH Is Just Around The Corner – Details Interestingly, this new rally saw the Dogecoin price break a bull flag to the upside. Such a rally has brought into focus the perspective of the Dogecoin price reaching a new all-time high before the end of the year. Dogecoin Price Rally Teases Breakout To $0.82 King of meme coins Dogecoin surged by about 25% as the week drew to a close, reaching an intraday high of $0.4759 on Saturday. This rally is particularly noteworthy, as it suggests that the Dogecoin price has finally resumed another leg up after a brief consolidation since it hit $0.43 earlier on November 14. Renowned crypto analyst Ali Martinez highlighted the significance of this rally in a post on X, drawing attention to Dogecoin’s decisive breakout above a bull flag pattern. According to Martinez, this technical breakout could set the stage for a much larger rally, with his projection targeting a bullish move toward $0.82. If achieved, this price level would represent an impressive increase of approximately 90% from the current Dogecoin price. #Dogecoin $DOGE is in the middle of a bullish breakout to $0.82! https://t.co/KjLJQ7ZkNm pic.twitter.com/Rib4XImoTT — Ali (@ali_charts) November 23, 2024 How Feasible Is The Dogecoin Rally To $0.82? Before the Dogecoin price can rally to the $0.82 price level, it would first need to surpass its long-standing all-time high of $0.7316, a milestone that has remained unbroken for over three years. At the time of writing, Dogecoin is trading at $0.4287, reflecting a slight pullback from its recent intraday peak of $0.4759. This retreat shows that the consolidation phase is not yet complete, as resistance appears to have formed near the $0.43 level and has created a sell wall that must be overcome. Breaking toward the all-time high would first require Dogecoin to achieve a decisive and sustained breach above the $0.43 threshold, which remains a critical level for regaining upward momentum. Interestingly, recent whale activity points to a potential upswing for the meme coin in in the coming week. On-chain data reveals that large holders, or “whales,” have been actively accumulating, purchasing over 550 million DOGE tokens worth an estimated $214.5 million. Related Reading: Chainlink Rockets 20%: Whale Activity Sparks Break From Bear Trend These whale addresses, which typically hold between 10 million and 100 million DOGE, are often seen as influential in shaping market trends. Their growing activity could signal confidence in the Dogecoin price and provide the necessary support for a significant break above $0.43 this week. Featured image from DALL-E, chart from TradingView
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South Korea’s leading cryptocurrency exchange, Bithumb, has announced the listing of two new virtual assets i.e., Biconomy (BICO)…
On November 25th, renowned cryptocurrency exchange Binance disclosed pivotal enhancements to its Leveraged Tokens platform. The latest integration features several new USDC trading pairs, including CATI/USDC, FDUSD/USDC, HBAR/USDC, OM/USDC, RAY/USDC,
A major gold discovery in China’s Hunan Province, valued at $83 billion and containing over 40 gold veins, is anticipated to influence global markets significantly. Gold Veins Unearthed in China Could Transform Global Markets A vast gold deposit with reserves exceeding 1,000 tonnes has been discovered in Hunan Province, central China, as confirmed by the