Bitcoin Navigates Critical Support as Market Eyes Potential Retest of November Lows
Bitcoin (BTC), the leading cryptocurrency, is currently undergoing a pivotal retest of a crucial support zone, having recently experienced a 5% decline from its recent highs, pushing its price below the significant $90,000 threshold. This market movement has ignited discussions among analysts regarding the cryptocurrency’s immediate trajectory, with many suggesting that while its underlying structure remains robust, a rapid recovery is essential to avert a potential retest of the lows observed in November.
BTC Retreats Below $90,000 After Rejection
The past week saw Bitcoin relinquish the recently reclaimed $90,000 level, subsequently settling into a key support area. This latest correction follows the flagship cryptocurrency’s ongoing efforts to recover from the November market downturn, which had previously driven its value to a seven-month low of $80,600.
For the past two weeks, Bitcoin has been consolidating within a macro re-accumulation range, fluctuating between $82,000 and $93,500. An attempt to break out of this range occurred mid-week, with BTC reaching a multi-week high of $94,150. However, as the first week of December concludes, Bitcoin has retreated from the upper bounds of this local range, falling below its monthly open and testing the $88,000 support level.
Analyst Perspectives on Immediate Price Action
Amidst the recent price drop, market analysts offer varied but critical insights into Bitcoin’s potential next moves.
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