Bitcoin May Launch Recovery To $120,000 If This | Crypto News
In the last week, Bitcoin’s correction took another drastic flip as costs retested the psychological $100,000 price zone, triggering heavy waves of liquidation. Although the premier cryptocurrency witnessed some rebound after, the current market price stays 19.02% away from the all-time high at $126,198. In the hope of a sustained recovery, a common analyst with the X username PlanD has outlined one vital market condition.
Bitcoin 50-Week EMA Holds Bullish Structure – Analyst
In an X post on November 7, PlanD shares insightful analysis on Bitcoin’s latest price motion. The distinguished market skilled notes Bitcoin’s bounce of $100,700 could have confirmed a backside formation. Although price dips below $100,700 may still happen, PlanD emphasised the significance of watching out for a bullish weekly close above this essential help degree.
Notably, the significance of the $100,700 price zone comes from its alignment with Bitcoin’s 50-week exponential shifting average (EMA). Since 2022, this indicator has acted as a essential metric, with price crosses often signaling a change in market trends. In the current bull run, Bitcoin has decisively retested the 50-week EMA thrice, each time ensuing in a price bounce to larger ranges.
Amid the latest correction, Bitcoin famously hit this help zone again, which PlanD describes as vital to retaining a bullish construction for a doable rebound. As long as market bulls maintain the price level above this indicator, the analyst predicts another bullish price motion with potential targets between $116,000 – $120,000 in the short-term.
Following a regular recovery, PlanD’s additional analysis suggests that Bitcoin maintains strong upside potential, with its current momentum aligning with an ascending channel that started in late 2024 and projecting a doable transfer toward $176,000. In parallel, a broader cup-and-handle formation has been developing since 2023, signaling an even bigger long-term goal around $340,000, reinforcing the bullish outlook for the asset.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $102,277, reflecting a slight 0.23% loss in the last 24 hours. In tandem, weekly and month-to-month losses of 6.98% and 16.23% point out that bearish sentiment stays dominant despite a modest price bounce off $100,000.
Bitcoin’s retest of the $100,000 degree proved pivotal in the continued correction, triggering a number of opposed developments. These included a drop in the traders’ realized price to below $50,000, and losses among top patrons reaching roughly $0.16 billion per hour.
All these occasions, including the next price rebound all underscore the vital psychological significance of the $100,000 zone in the current market construction.
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