In recent hours, Bitcoin’s price has been fluctuating between $97,865 to $98,580 on November 29, 2024, following a bullish rally that pushed its market cap to $1.95 trillion. Technical indicators suggest a strong upward momentum for Bitcoin across multiple timeframes, with significant resistance near the $100,000 mark.
On the 1-hour chart, Bitcoin shows a strong uptrend with higher highs and higher lows. Recent consolidation around $94,000 to $96,000 broke upward, leading to a rally towards $98,000. Buying pressure is evident with a volume spike on the last green candle, indicating continued bullish interest. Short-term resistance is at $99,000, with traders looking to enter at pullbacks to the $96,500–$97,000 zone.
The 4-hour chart reveals resilience for Bitcoin following a corrective phase, with a double-bottom structure near $90,742 triggering a bullish reversal. Key levels to watch include resistance at $98,966 and support at $95,000. Aggressive traders may capitalize on pullbacks to $96,000–$96,500, while more conservative entries could wait for a breakout above $98,966.
Bitcoin’s daily chart shows a sustained uptrend from $66,798 to $98,800, with resistance between $99,800 and $100,000 acting as a psychological barrier. Long-term traders may consider buying dips towards support zones with an eye on a breakout above $100,000, while focusing on risk management to navigate potential corrections.
Technical indicators like the RSI, Stochastic, and commodity channel index suggest neutral conditions, with bullish momentum indicated by the momentum indicator and bearish signals from the MACD. All moving averages signal bullish momentum, with resistance at $100,000 potentially leading to profit-taking and declining volume signaling weakening bullish momentum.
Overall, the bullish verdict for Bitcoin is supported by strong upward momentum, robust buy signals from moving averages, and bullish price action across all timeframes. However, caution is advised as Bitcoin approaches the critical $100,000 resistance, with indicators like the MACD and declining volume suggesting a potential slowdown or correction. Traders and investors should prepare for continued upward movement while managing risk effectively.