CandleFocus Bitcoin Price Analysis: Will BTC Rally to $100K or Correct Below $80K First?
2024-11-13
Author: Content Editor
Bitcoin has reached a new all-time high of $90k due to a combination of a Federal Reserve rate cut and President Trump's re-election, driving demand for risk assets like Bitcoin. The market structure is bullish, with the 100-day moving average crossing above the 200-day moving average, indicating a Golden Cross and sparking FOMO among investors. However, a corrective retracement phase is expected, with the Fibonacci retracement levels of $74k and $70k serving as critical support zones. In the short term, a period of consolidation is expected near the upper boundary of the bullish price channel, followed by a slight correction to the middle boundary. Miners are selling off a substantial portion of their holdings to cover operational costs, which could intensify selling pressure and lead to price corrections if demand decreases. It is advised to exercise caution against FOMO and wait for strategic entry points.
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