cryptonewsz.com
Since last week, the recovery momentum in the cryptocurrency market has taken a notable setback as the Bitcoin price reverted from $99,800. The bearish reversal initiated due to exhausted buyers is now accelerated by a long squeeze and concern over today’s FOMC minutes. Will $BTC push past $100k by November end?
By press time, the $BTC price had traded at $93,400 with an intraday gain of 0.4%. According to Coingecko, the asset’s market cap surged to $1.84 Trillion, while the 24-hour trading volume wavers at $123.60 Billion.
Bitcoin Price Takes Temporary Before Next Leap
- The Bitcoin price bearish reversal gains momentum as over-leveraged $BTC longs get liquidated.
- A potential breakdown below $90,000 could bolster $BTC buyers to replenish the exhausted bullish momentum.
- The fast-moving 20-and-50-day exponential moving average stands as immediate support for market buyers as $BTC enters post-rally correction.
Since last weekend, the Bitcoin price plunged from $99,800 to $93,000, accounting for a 6.8% loss. The bearish reversal was fueled by the liquidation of over-leveraged long positions and market concern over today’s FOMC meeting and Wednesday’s PCE data.
According to Coinglass, the crypto market witnessed a liquidation of $679.2 Million. However, investors anticipate the current pullback as a post-rally pullback for buyers to recuperate the exhausted bullish momentum.
The momentum indicator RSI (Relative strength index) reverted from 80% accentuating the slight overbought state for $BTC and the need for correction.
If the bearish momentum persists, the Bitcoin price could plunge 4.2% to seek support at $90,000X.
By November’s end, the coin price could consolidate around $90k before the next leap.
Key Supports If $BTC Correction Extends
The current Bitcoin recovery trend kickstarted in September after the price rebounded from $52,600. While the bullish rally is backed by major economic events like the Fed rate cut and the U.S. presidential election in 2024, the $BTC shows occasional pullback.
Historically data shows an average pullback of 9-11% before $BTC continued upward trajectory. Thus, the coin price could rebound from the $90k level, coinciding close with the 20-day EMA.