Bitcoin, the largest cryptocurrency, showed a notable surge in November following Donald Trump's victory in the US presidential elections. However, BTC is now experiencing a correction.
Bitcoin Market Overview
In November, Bitcoin (BTC) saw a robust increase of over 37%. Amid expectations of reaching the long-term target of $100K, it recently traded at $99K, reaching a series of record highs. At press time, BTC fell by 1.70%, trading at $95,408 with a market cap of $1.89 trillion. During the past 24 hours, the asset reached an intraday high of $98,152 and a low of $96,235.
Bitcoin Price Analysis
A possible downside correction in BTC price is unfolding. The current price fluctuates between $98K and $95K. Breaking past the $95.5K mark could trigger a short-term rally, and the asset may test resistance at $96,117. Conversely, failure to maintain momentum might see the price fall to $94.7K, with further declines possibly reaching $94,106.
Technical Analysis and Market Indicators
Bitcoin's technical indicators display a brief bearish momentum. The MACD line is below the signal line, indicating a potential downtrend. The Chaikin Money Flow (CMF) indicator is at -0.04, suggesting negative money flow and selling pressure. The current RSI level stands at 46.42, indicating a neutral market sentiment. The 9-day moving average is below the 21-day.
The Bitcoin market is currently experiencing a correction following a strong November surge. Future price movements will depend on market dynamics and buyer-seller sentiment.
