Can Bitcoin Reach $100,000?
Bitcoin is displaying remarkable volatility at the end of November, oscillating within a price range that leaves traders torn between optimism and caution. After recently testing major resistance levels, the world’s leading cryptocurrency raises a crucial question today: is a pullback toward $70,000 possible in the short term?
Current indicators show Bitcoin consolidating its recent gains, but several technical signals deserve particular attention. The price action reveals a market structure that could tip either way. Trading volumes remain strong, indicating persistent interest from both institutional and retail investors. The psychological support zone around $90,000 now constitutes a critical level to watch in anticipating significant upcoming movements.
Can BTC Really Drop to $80,000?
The hypothesis of a correction toward $75,000 is not mere speculation. Several technical and fundamental factors fuel this scenario. First, the RSI on daily timeframes is approaching oversold zones, suggesting that a consolidation phase could naturally assert itself. Experienced traders know that after sustained drops, the market needs to breathe.
Indeed, Bitcoin is currently within a major order block between $75,000 and $90,000. Moreover, $76,000 corresponds to the lower band of the STH Indicator, which is one of the most reliable on-chain signals for resistance and support levels.
Nevertheless, in the short term, a bullish divergence has formed at the CVD level.
In a bullish rebound context, BTC on the 4-hour chart has two target resistances at $93k and a POC at $95k. If BTC returns to these zones, it will be necessary to monitor the CVD and RSI to anticipate a bearish reversal.
However, this bearish scenario is not a certainty. The momentum remains globally bullish, and as long as BTC maintains certain key supports, particularly around $88,000, the market structure remains favorable to buyers.
It is worth noting that liquidations remain predominantly on the long side below its price. The risks and probabilities of a drop between $76,000 and $62,000 for BTC remain higher.
Should You Sell or Buy?
On-chain data provides additional insight. The MVRV ratio sits within a range historically associated with distribution phases, but without reaching the extremes observed during previous cycle tops. The long-term trend remains bearish.
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Faced with this ambiguous market configuration, traders adopt different approaches depending on their risk profile and investment horizon. Day traders can choose the Futures Grid bot.
Swing traders, on the other hand, patiently wait for confirmation signals before committing significant directional positions. The Hedging bot or DCA bot are therefore the best solutions.
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