On the evening of November 28th, the cryptocurrency market experienced a slight uptrend. Data from the OKX exchange reveals that over the past 24 hours, Bitcoin’s price rose by over 1.5%, reaching the $92,300 mark.
Other major cryptocurrencies also saw positive price movements, with Ethereum climbing nearly 3% to $3,070, XRP gaining almost 2% to $2.20, BNB rising over 1% to $897, and Solana increasing by nearly 1% to $142.
According to Cointelegraph, Bitcoin’s price is currently fluctuating within a narrow range after recovering from its low of $80,000.
Swissblock, an asset management firm, suggests that Bitcoin’s drop below the year-to-date high of $93,300 indicates a weakening trend.
The potential for recovery hinges on maintaining support between $83,000 and $85,000, a zone expected to attract strong buying interest. A truly positive trend would only resume if Bitcoin surpasses the $94,000 to $95,000 resistance level.
Bitcoin is currently trading around $92,300. Source: OKX
Glassnode data highlights the $93,000 to $96,000 range as a significant barrier, as many investors purchased Bitcoin within this zone. Above this, the $100,000 to $108,000 level is seen as the next hurdle, where selling pressure may intensify.
If Bitcoin successfully breaks through these levels, it could pave the way for a new peak. Market analysts suggest that the $97,000 to $98,000 range serves as a confirmation of the recovery trend, with $100,000 as the subsequent target.
However, the market is currently cooling off, with both trading volume and Bitcoin network activity declining.
Over the past seven days, average transaction value has dropped by approximately 20%, falling to $87 billion, while daily trading volume has dwindled to around $12.8 billion.
Notably, the recent surge above $91,000 was not accompanied by a surge in trading activity, indicating lingering caution among investors.
Should trading activity rebound and buyers gain the upper hand, Bitcoin could enter a new upward phase, reminiscent of the mid-year rally when prices soared over 30% to set new record highs.
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