FxNews—Bitcoin began its bullish trajectory after it tested $84,550 as immediate resistance. Despite the market’s overbought condition, signaled by the Stochastic and RSI 14 indicators, the digital gold hasn’t consolidated yet.
As of this writing, BTC/USD trades at approximately $90,700, gradually approaching the $95,000 physiological level.
Bitcoin Technical Analysis – 16-November-2024
The immediate support rests at $84,550. From a technical standpoint, Bitcoin prices will likely hit $95,000 if immediate support is available. Furthermore, if the buying pressure exceeds $95,000, the bulls’ path to $100,000 will likely be paved.
On the other hand, if BTC/USD falls below the immediate resistance, the prices could dip to the 80,000 threshold, backed by the bullish fair value gap. Please note that this supply level offers a decent bid to join the bull market.
