- Bitcoin has been on a week-long rise.
- A widely coveted price point for the crypto gainst is stalling.
- Market optimism remains high, given Bitcoin’s broader performance.
Over the past few weeks, Bitcoin (BTC) has had the crypto market in a chokehold, flipping new all-time high levels in a rapid ascent. Following its blast through $89,000, optimism began mounting for the crypto king to blast through its next price level and set the stage for its hundred thousand vision.
However, a pullback in the token’s price threatens its ascent.
Bitcoin Struggles to Grip $90K
Having bounced around the eighty thousand levels for several days, BTC cannot seem to climb into its next price level. Hovering around $89,900 at press time, the crypto giant is facing resistance, muddling the outlook for its $100,000 dream.
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While it recorded an impressive spike over $90K in the early hours of November 13, 2024, Bitcoin quickly declined because it could not uphold the price level.
Market analysts have pointed out several factors likely contributing to the ongoing struggle. According to Material Indicators co-founder Keith Alan, the sharp pump following Donald Trump’s election win skyrocketed Bitcoin to new heights without the support and fundamentals necessary to uphold its new level.
Alan emphasized that for BTC to sustain its rally, it must first establish new support levels as it enters a higher trading range. Without these levels, the crypto king’s ability to break through resistance points will remain constrained.
However, the lack of foundational stability is not the only challenge. The analyst noted that a rise in liquidity orders targeting the $90,000 mark in the market may also threaten the longevity of Bitcoin’s rally. Nonetheless, market optimism remains strong, with many still believing that Bitcoin can regain its upward momentum and push past these obstacles.
More BTC Upside Left?
Analyst Rekt Capital weighed in on Bitcoin’s recent pullback, explaining that retracements are common during the price discovery phase.
Comparing the current movement to past cycles, Rekt highlighted that while Bitcoin is seeing some resistance, historical patterns suggest it may still have room for further gains before any significant correction.
In previous cycles, such as in 2017 and 2020/2021, Bitcoin rallied into price discovery for 4 to 8 weeks before facing deeper pullbacks. The analyst noted that with BTC only in the second week of its current uptrend, there’s more room for the rally to continue.
On the Flipside
- Bitcoin recently flipped Silver to become the 8th largest global asset.
- The ongoing bullish momentum in Bitcoin has also sparked gains across several altcoins.
- The crypto market is highly volatile, and the longevity of rallies can be uncertain.
Why This Matters
Expectations are high for BTC to smash the 100k level, and despite the ongoing resistance, market confidence has been heightened given the uptick so far.
Find out more about the upward trend in BTC-linked stablecoins:
Bitcoin-Backed Stablecoin Reaches $100M: Here’s How it Works
Here’s how this altcoin is performing amid the broader market uptick:
SUI Struggles to Grip $3 in 10% Retreat from Record High
