Bitcoin Could Drop Below $90,000 If It Doesn’t Break This Level, Rally On Pause?

Bitcoin has been consolidating above the $90,000 support zone for the last ten days, reaching an all-time high of $99,645 about a week ago. Since then, the cryptocurrency has closed below a short-term downtrend line, potentially risking a drop to two-week lows. Bitcoin has been moving within the $90,000-$99,000 price range, holding above the lowest range zone despite recent retraces. The ongoing rally has fueled investors' optimism about achieving the potential run to the $100,000 milestone this month. However, Bitcoin has been facing rejection from a Lower High resistance line for the last week, which marks a "moment of truth" for the cryptocurrency. Crypto analyst Rekt Capital notes that a daily close above this trendline could send Bitcoin toward the $100,000 mark, but continuing to close below it risks a "likely reject at the trendline resistance once again." Bitcoin must close above the $97,000 level to break out from the trendline, and staying above the $93,580 mark is crucial to prevent holders from selling off. The analyst Ali Martinez suggests that Bitcoin could bounce to the range highs, fueled by Thanksgiving Day, and notes that the biggest resistance level ahead is the $96,614 mark. Bitcoin has been moving within a one-day bullish falling wedge, retesting the lower range as support and bouncing in the morning, and a successful breakout from this formation could trigger a rebound to $99,000. As of now, Bitcoin is trading at $95,135, a 1% drop in the last 24 hours, and November will seemingly close as this year's second-best month, setting the stage for a massive rally in December.