Originally published on: November 29, 2024
Bitcoin made a strong move, reaching $96,000 on November 29th after a key support retest. Despite some volatility, BTC price held steady, closing just below $96,000 on Bitstamp. The cryptocurrency showed resilience against selling pressure, maintaining support levels at $90,000 and forming new support over two weeks.
Market analysts were optimistic about the recent price action. Rekt Capital referred to the $91,000 support retest as “fantastic,” while The Kingfisher noted liquidity levels around the spot price. Data from CoinGlass revealed significant ask liquidity above $97,000, indicating potential price movements in the short term.
While Bitcoin held its ground, traders turned their attention to altcoins, particularly Ethereum. ETH made a long-awaited upward move, prompting traders like Rekt Capital to set a near-term bullish target of $4,000. Credible Crypto, on the other hand, warned of a possible dip below $3,000 on the ETH/USD pairing.
As the market dynamics shift, investors should exercise caution and conduct thorough research before making any investment decisions. Stay informed with our Markets Outlook newsletter for valuable insights and trading strategies delivered every Monday. Subscribe today to stay ahead of the trends.