Originally published on: November 13, 2024
Bitcoin reached a new milestone on Nov. 13 by briefly surpassing $90,000, setting a new all-time high. The digital currency was in a battle to maintain this level as volatility remained high in the market.
Despite the excitement surrounding the new record price, some traders remain cautious about the sustainability of Bitcoin’s upward trend. Keith Alan, co-founder of trading resource Material Indicators, emphasized the importance of building support within the new price range to prevent a potential correction.
Market data indicated that liquidity around the $90,000 mark was increasing, suggesting that traders were eager to sell at this price. Material Indicators highlighted a downward signal on the daily chart, signaling that the current trend might persist in the short term.
While some traders predicted a potential price crash to $50,000, others remain optimistic about Bitcoin’s future prospects. Willy Woo, creator of the Bitcoin data platform Woobull, highlighted the significance of Fibonacci extension levels in determining future resistance levels for Bitcoin.
As Bitcoin continues its upward trajectory, traders are closely watching the $100,000 price level as the next major milestone. The market remains unpredictable, and investors are advised to conduct their own research before making any investment decisions.
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Invest wisely and stay updated on the latest developments in the cryptocurrency market.
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