Since last week, the recovery momentum in the cryptocurrency market has taken a notable setback as the Bitcoin price reverted from $99,800. The bearish reversal initiated due to exhausted buyers is now accelerated by a long squeeze and concern over today’s FOMC minutes. Will BTC push past $100k by November end?
By press time, the BTC price had traded at $93,400 with an intraday gain of 0.4%. According to Coingecko, the asset’s market cap surged to $1.84 Trillion, while the 24-hour trading volume wavers at $123.60 Billion.
Bitcoin Price Takes Temporary Before Next Leap
- The Bitcoin price bearish reversal gains momentum as over-leveraged BTC longs get liquidated.
- A potential breakdown below $90,000 could bolster BTC buyers to replenish the exhausted bullish momentum.
- The fast-moving 20-and-50-day exponential moving average stands as immediate support for market buyers as BTC enters post-rally correction.
Since last weekend, the Bitcoin price plunged from $99,800 to $93,000, accounting for a 6.8% loss. The bearish reversal was fueled by the liquidation of over-leveraged long positions and market concern over today’s FOMC meeting and Wednesday’s PCE data.
According to Coinglass, the crypto market witnessed a liquidation of $679.2 Million. However, investors anticipate the current pullback as a post-rally pullback for buyers to recuperate the exhausted bullish momentum.
The momentum indicator RSI (Relative strength index) reverted from 80% accentuating the slight overbought state for BTC and the need for correction.
If the bearish momentum persists, the Bitcoin price could plunge 4.2% to seek support at $90,000X.
By November’s end, the coin price could consolidate around $90k before the next leap.
Key Supports If BTC Correction Extends
The current Bitcoin recovery trend kickstarted in September after the price rebounded from $52,600. While the bullish rally is backed by major economic events like the Fed rate cut and the U.S. presidential election in 2024, the BTC shows occasional pullback.
Historically data shows an average pullback of 9-11% before BTC continued upward trajectory. Thus, the coin price could rebound from the $90k level, coinciding close with the 20-day EMA.
If the correction prolongs the daily EMAs( 50, 100, and 200) could act as the next immediate support.
Credit: Source link