bullish

Bitcoin

Daily

<p>Bitcoin’s price is teasing investors, as it is experiencing a pullback before reaching the $100K mark. Yet, as things stand, there’s a considerable probability that it will hit the milestone soon.</p>
<h2 id="b-technical-analysis-b"><b>Technical Analysis</b></h2>
<p>By Edris Derakhshi (TradingRage)</p>
<h3 id="b-the-daily-chart-b"><b>The Daily Chart</b></h3>
<p>Starting with technical analysis, the daily timeframe shows massive bullish momentum for BTC. Yet, the market has been correcting for the last few days after failing to reach the $100K level.</p>
<p>The $90K mark is still intact and could prevent the market from dropping any further. This is especially true because the RSI is no longer showing an overbought signal.</p>
<figure id="attachment_372522" aria-describedby="caption-attachment-372522" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-Daily-Nov-27-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-372522" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>As the 4-hour chart depicts, the recent Bitcoin price action shows the formation of an ascending channel broken to the downside yesterday. This is often a clear reversal pattern.</p>
<p>Yet, as the overall market structure remains bullish, the price can climb back into the pattern soon, making it fail and paving the way for another push toward $100K.</p>
<p>On the other hand, while unlikely, a breakdown of the $90K level could result in a much deeper correction toward the $80K zone.</p>
<figure id="attachment_372523" aria-describedby="caption-attachment-372523" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-372523 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-scaled.jpg" alt="btc_price_chart_2711242" width="2560" height="1372" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-300x161.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-1024x549.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-768x411.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-1536x823.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-2048x1097.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-27-2024-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-372523" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="b-on-chain-analysis-b"><b>On-Chain Analysis</b></h2>
<p>By Edris Derakhshi (TradingRage)</p>
<h3 id="b-long-term-holder-sopr-b"><b>Long-Term Holder SOPR</b></h3>
<p>On-chain analysis can always present a different perspective from that of technical analysis, as it can demonstrate the supply and demand dynamics thanks to the transparency provided by the Bitcoin network.</p>
<p>This chart displays the long-term holder SOPR metric, which measures the ratio of realized profits to losses for long-term investors. The 30-day moving average of the LTH SOPR is trending higher and has been above one for a while, indicating that the cohort is realizing profits as the market rallies.</p>
<p>While you can consider this a bearish sign, as profit realization can overwhelm the market with supply, this might not be the case.</p>
<p>LTH SOPR is much lower than during the last all-time high range earlier this year. Therefore, it can be concluded that the price can still go higher before a massive profit-taking event takes place by long-term investors.</p>
<figure id="attachment_372521" aria-describedby="caption-attachment-372521" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-372521 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-scaled.jpg" alt="btc_lth_sopr_2711241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Long-Term-Holder-SOPR-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-372521" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-is-btc-headed-back-toward-100k-following-todays-recovery/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Is BTC Headed Back Toward $100K Following Today’s Recovery?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: Is BTC Headed Back Toward $100K Following Today’s Recovery?

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