NEW YORK / LONDON (IT BOLTWISE) – Bitcoin faces a crucial week as the cryptocurrency remains below the $90,000 mark. While some analysts are hoping for a possible recovery, others are warning of a further decline. Market sentiment is divided and the coming days could be crucial for future price developments.
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Bitcoin is in a critical phase as the cryptocurrency remains below $90,000 just before the November monthly close. After a local low of $80,500 last week, uncertainty among investors is high. Data shows that the $88,000 mark is currently acting as a price ceiling, further adding to the uncertainty.
Analysts are divided on the future development of Bitcoin. While some are pessimistic in the long term, there are also optimistic voices. One analyst noted that Bitcoin has reclaimed the 20-day moving average on the four-hour chart for the first time in two weeks, indicating a possible recovery. A weekly close above $92,000 could pave the way for a rise towards $105,000-$110,000.
Another topic that is attracting analysts’ attention is the so-called ‘death cross’, a technical signal that occurs when the 50-day moving average falls below the 200-day moving average. This signal is often viewed as bearish, but could also provide an opportunity for a recovery if the market cycle has not yet completed. However, if there is no recovery, this could indicate further decline.
Market volatility has caused Bitcoin holdings to shift, with long-term holders selling their holdings and short-term speculators buying. This development could indicate increased market speculation, as short-term investors are often driven by market excitement. The coming days will show whether Bitcoin can overcome the resistance or whether another decline is imminent.
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