Bitcoin rose 1.62% on November 19th after a week of heavy selling. TocoCrypto said the asset is trading near $91,900, marking its first solid rise following a decline below $90,000 earlier in the week. Trading data also showed that the closing price for the day was close to $91,660, proving that there is a massive recovery on the exchange.
This recovery occurred following a strong reaction from the $89,000 support zone. It was a price that buyers successfully defended many times during this decline. The change signals a newfound confidence among traders after Bitcoin has fallen 11% over the past week.
market expectations
Technical indicators are cautiously pointing to a bullish structure. The relative strength index is at a neutral level, which means that it can change without experiencing an imminent level of overbought. Trading volumes are starting to increase again. This means that the availability of large traders is increasing.
The key area of resistance noted by analysts was 93,700. If it breaks above this band cleanly, it will be around $95,000 to $98,000. Whale buying and expectations of a possible Federal Reserve rate cut are contributing to the bulls' movement.
However, you need to be careful. Bitcoin is still nearly 20% below its previous level for the month at PR 126,000. The huge drop in the past month has left traders with many questions. Is the recent rally the start of another rally, or a one-off easing?
traders rally
Tokocrypto posed a question to the Tokonauts community: Do they believe Bitcoin will continue to rise or will level off? These reactions show that market sentiment is divided. According to some traders, this pullback is the start of a new uptrend. Moreover, some believe that Bitcoin can start to rise under significant resistance and only after that can it rise.
This sentiment reflects the anxiety across the world. Bitcoin price fluctuations are still influenced by macro factors, liquidity factors, and institutional investors. Traders will keep an eye on the $93,700 level in the coming days.
