#usdt Bitcoin's support at $92,400 keeps the asset in consolidation, opening space for a potential resumption towards the psychological milestone of $100,000.
Falling exchange reserves and positive blockchain trends reinforce sustained investor interest, while institutional profit-taking could prolong the current phase, creating opportunities in altcoins.
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Bitcoin surged an impressive 40% in November, cheering traders amid the so-called “Trump effect.” However, despite the strong gains, the asset lost steam just before the $100,000 mark, ending the month in consolidation mode. Profit-taking near $98,000 slowed the move, raising doubts about Bitcoin’s ability to break through this critical resistance.
The recent moves reflect a complex dynamic between selling pressure from long-term investors and increased buying activity. While whales have taken advantage of the rally to liquidate some of their positions, on-chain data suggests a bullish outlook. External wallets continue to accumulate BTC, while centralized exchanges report declining Bitcoin balances, signaling that many market participants remain confident despite the temporary challenges.
$92,400: Solid support amid shifting institutional flows
Selling pressure associated with profit-taking tested support at $92,400, but the strong bounce at this level suggests that the correction may be limited. Institutional inflows are also shaping Bitcoin’s near-term trajectory. Spot Bitcoin ETFs saw record inflows in November, although institutions took advantage of profit-taking later in the month, redirecting gains to altcoins.
This move reflects a broader trend in the market. Bitcoin’s dominance has fallen from 60% to 57%, while altcoins like Ethereum have outperformed. Ethereum, for example, is up 6% on the week, outpacing Bitcoin’s 2% decline and attracting more investor interest.
Macroeconomic windfall favors Bitcoin, but catalysts are lacking
Recent macroeconomic developments have created a slight tailwind for Bitcoin. A weaker US dollar, driven by moderate inflation data and shifting sentiment on Trump’s proposed tariffs, has brought renewed support. As the DXY index weakened, Bitcoin buying increased at support levels.
However, the lack of significant catalysts could limit the asset’s momentum. With the holiday season approaching, reduced trading volumes could curb volatility, leaving Bitcoin in a sort of holding pattern unless a significant event emerges.
Key technical levels to monitor
Despite the recent consolidation, Bitcoin’s technical outlook remains bullish. Support at $92,400, aligned with the 2.618 Fib level from the September rally, has proven resilient, now acting as a key floor. On the upside, resistance at $99,000 looms as the next critical hurdle. A daily close above this level could pave the way for the $100K mark, with a potential to reach $105K as per Fibonacci projections. Bitcoin Daily
Short-term support is located at the 8-day EMA around $95,000, which has been effective during recent corrections. Looking at the bigger picture, Bitcoin remains inside an ascending weekly channel. The upper boundary at $105,000 also coincides with the 2.618 Fib extension, suggesting a possible top for the next upward move. Bitcoin Weekly
Still, caution is essential. A loss of the $92,400 support could signal a deeper correction, with $85,000 emerging as the next downside target. For now, the market is keeping an eye on Bitcoin’s ability to break above $100,000 and reignite the rally.