Originally published on: November 15, 2024
Bitcoin experienced a slight dip on Nov. 15 as bulls tested key support levels after reaching all-time highs.
Following the bounce off local lows, Bitcoin’s price fell below $87,000, signaling a potential shift in momentum. Despite failing to surpass $90,000, the market showed signs of consolidation.
Recent data on the United States inflation rate revealed an uptick, causing concerns among traders as the Federal Reserve adjusted interest rates. With inflation on the rise, the Fed’s stance became more hawkish, leading to uncertainties in the market.
Analysts emphasized the importance of Bitcoin holding the $87,000 level to prevent a further decline. Market experts warned that failure to maintain support could push the price towards the mid-$80,000 range, potentially jeopardizing the rally to $100,000.
On the flip side, if Bitcoin manages to sustain its upward momentum, hitting $100,000 by Thanksgiving is not out of reach. However, traders must closely monitor the short-term trend line to gauge the market’s direction.
While market predictions are speculative, the possibility of Bitcoin reaching new highs remains a hot topic among cryptocurrency enthusiasts. Stay informed and conduct your research before making any investment decisions.
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