While the crypto market recovers from last week’s correction, Bitcoin (BTC) is attempting to regain key areas as support to continue its recovery rally. With the flagship cryptocurrency facing some resistance, some market watchers have suggested that this week’s closing price could be key to its year-end performance.
Bitcoin faces rejection ahead of November transactions
Bitcoin retested a key resistance level for the first time in a week, hitting a one-week high of $93,092 on Friday morning before rebounding. The flagship cryptocurrency failed to maintain key support levels throughout the November correction period, trading below $100,000 for almost two weeks.
A week ago, BTC fell below $90,000 during the latest market correction, hitting a seven-month low of $80,600. However, cryptocurrencies led a broad recovery this week, regaining key levels over the past few days.
Amid its recent performance, some market observers have noted that Bitcoin is currently retesting the key re-accumulation area between $82,000 and $93,000, where the price has stabilized after previous declines, including the market correction in the first quarter.
Analysts Recto Capital highlighted that BTC has rebounded more than 7% from the local bottom and revisited the high resistance of the range during Friday’s recovery. Currently, Bitcoin has retested the $90,000-$91,000 area as support after being rejected from major resistance and is attempting to hold on to the high zone of its local range.
He previously noted that last week’s weekly close was in line with the leading cryptocurrency’s monthly range, setting the stage for a potential floor around $86,000, with a new range forming between this level and the $93,000 resistance.
For the analyst, if Bitcoin has any hope of consolidating its newfound momentum and potentially revisiting its two-month downtrend line, which currently sits near $96,000, it needs to end the week above $935,000, which also coincides with November’s monthly close, and turn this level into support.
“The ~$93,500 level happens to be a four-year cycle level. History suggests that the price should be able to find a way to a 12-month close above ~$93,500 to finish 2025 in the green,” Recto Capital added on X.
Will the next move be $98,000 up or $88,000 down?
Market watcher Ted Pillows spoke about the short-term future of BTC, saying it is facing some resistance near the $92,000-$93,000 level. If the area is reclaimed, prices could rise toward the $98,000 to $100,000 barrier in the coming weeks, analysts said.
In fact, he suggested that if Bitcoin is unable to regain this level, the price will fall below $88,000. Ted warned earlier this week that this is one of the most important levels to reclaim and hold as support in the short term, as a rejection from this area could send it well below recent lows.
Similarly, Daan Crypto Trades noted that the constant decline over the past few weeks has “created a ton of slightly lower highs and a very large pocket of liquidity” between the $97,000 and $98,000 zone.
This region also coincides with key horizontal price levels on the larger time frame, making it an “area to watch” as BTC continues to consolidate within a relatively narrow range.
The trader believes that if BTC price breaks down, the $88,000 level could be a good place for further lows. However, if the price sustains above the $91,800 level, it could trigger a retest of the $93,000 resistance.
Ultimately, he cautioned that the market is “likely to be in a volatile environment in the short term around Thanksgiving, with consistently low volume and liquidity.”
At the time of writing, Bitcoin is trading at $90,500, down 1.1% on a daily basis.
Featured image from Unsplash.com, chart from TradingView.com
