Bitcoin may fall below $90,000 if it does not break this level

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Bitcoin (BTC) has been consolidating above the $90,000 support zone for the past ten days, reaching its latest all-time high (ATH) of $99,645 about a week ago. Since then, the cryptocurrency has closed below the short-term downtrend line, failed to break above it and is at risk of possibly falling to a two-week low.

Bitcoin faces a ‘moment of truth’

Bitcoin is one of the best months In the cryptocurrency’s recent history, it jumped more than 47% from its monthly debut to its latest ATH. Since November 18, BTC has been moving within the $90,000-$99,000 price range, above the lowest range zone despite the recent retracement.

After crossing the $99,000 level twice, the ongoing rally has fueled investor optimism about a possible run to the $100,000 milestone this month. However, the flagship crypto has been facing rejection from a lower high resistance line since last week.

Crypto Analyst Rekt Capital pointed out That Bitcoin is closing daily below the one-week lower high trendline. For analysts, this resistance marks the “moment of truth” as it could send BTC towards the $100,000 mark.

However, continuing to close below it risks “potential rejection at trendline resistance once again”. Despite hitting the $97,000 mark yesterday, BTC closed its seventh day on Wednesday near $95,300. Bitcoin should close above the $97,000 level on Thursday to break out of the trendline.

The analyst noted that it trend line “There could be a point of retracement for Bitcoin as long as it’s a resistance,” adding that investors “could see lower range levels again.”

November to close with a 40% rally

Crypto analyst Ali Martinez noted That a key demand area for Bitcoin is the $93,580 mark, as 667,000 addresses bought about 504,000 BTC at this price. Martinez warned that holding above this level is “necessary” to prevent these holders from selling.

In addition, the analyst’s chart exposed That the next biggest resistance level is the $96,614 mark, where 155,000 addressed bought 297,000 BTC.

Martinez also suggested that BTC could bounce to the highs of the extended range by Thanksgiving Day. It is worth noting that, throughout the years, Bitcoin has experienced violent price swings around this holiday, such as 2020’s “Thanksgiving Day Massacre“, which saw BTC record a 17% price drop within hours.

The analyst shared that Bitcoin is moving within the intraday bullish gap, retesting the lower range as support and bouncing in the morning. For him, a successful breakout from this formation could restore up to $99,000.