Critical Resistance Level Determined in Bitcoin Price

The price of Bitcoin has continued to remain squeezed within a narrow range in recent days, creating a noteworthy situation for investors. FxPro analyst Alex Kuptsikevich states that the upward movement can only gain strength by breaking through critical resistance areas. Over the weekend, Bitcoin failed to surpass the $93,000 level again, and the price continues to hover between $91,000 and $93,000.

In the markets, the balance between buyers and sellers has maintained a directionless course for the past two weeks. However, the sharp volatility in a low liquidity environment is creating new uncertainties for investors. Although Bitcoin briefly dipped below the $93,000 level during the night hours, this movement was met with quick selling. When examining the one-month outlook, it is observed that the price continues to move within a descending structure that began from the peak earlier in November.

Analyst Kuptsikevich noted that Bitcoin tested the $94,000 level during the session, but emphasized that sellers were not “very aggressive” at this level. He highlighted that the real strong resistance would concentrate around the $98,000 to $100,000 band, stating that reactions in this area would clarify whether recent upward movements represent a sustained recovery attempt or merely a correction. He also pointed out that in any scenario where the price does not maintain its position above $93,000, the market could weaken again. The $90,000 to $90,500 range stands out as significant support levels.

On the other hand, Ethereum is displaying significant performance. In the past week, Ethereum has shown an increase of over %5 and has garnered substantial interest from investors. This situation is also reflected in ETF flows; while there was an outflow of $14.9 million from Spot Bitcoin ETFs, there was an inflow of $140.2 million into Ethereum ETFs. These figures indicate that capital is shifting from Bitcoin to Ethereum in the short term.

In the last 24 hours, there was a liquidation of $45 million long and $50.7 million short positions in Bitcoin. In Ethereum, there was a short liquidation of $103 million. This situation signifies that opposing positions against Ethereum rapidly evaporated with the increasing volatility. Macroeconomic data and corporate news flow continue to heighten the volatility in the markets. For instance, it was reported that the ADP employment figure in the US dropped by 32,000 people, indicating that the labor market is cooling faster than expected.

Bitcoin is expected to continue to remain within a high volatility sideways range until it distinctly settles above the $93,000 level or falls below $90,500. It is important for investors to closely monitor these levels.