Bitcoin Maintains Support Amid Optimism for $180K Surge

Bitcoin is demonstrating resilience by holding a crucial Fibonacci support level as signs of recovery begin to emerge. Analysts are hopeful for a price surge, potentially reaching new all-time highs.

Key Takeaways

Bitcoin's current price is around $87,729, following a brief drop from earlier highs.
The cryptocurrency has seen a 3.5% decline over the past week and a 15.1% drop in the last 14 days.
Critical Fibonacci resistance levels exist at approximately $89,013, $94,243, and $98,470.
Current market trends suggest a shift from aggressive selling to cautious accumulation.
Analysts see parallels between today’s market and Bitcoin’s performance during the 2021 bear market, indicating potential for a bullish reversal.

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Bitcoin Price Performance

Renewed hopes for potential Federal Reserve rate cuts are breathing new life into Bitcoin’s pricing recovery. The coin is trading currently at $87,729, having recently consolidated after peaking at $89,209 earlier this week. Over the last 24 hours, Bitcoin has fluctuated within a narrow range, hitting between $86,215 and $88,097.

In terms of long-term performance, Bitcoin's value has decreased by 3.5% this past week and 15.1% over the last two weeks. Current indicators reflect a cautious outlook in the short term, leading many to speculate: can Bitcoin overcome critical resistance for another upward move?

Technical Analysis of Bitcoin

On a technical level, Bitcoin appears to be trying to stabilize after a small rebound from the recent local low of $80,559 marked on November 21. It currently trades near $87,794, finding itself in the middle of its established range as early signs of recovery begin to manifest.

Screenshot 2025 11 26T110739974 Bitcoin

Fibonacci retracement levels reveal significant resistance areas ahead: Bitcoin is still beneath the 0.236 level at $89,013, while the 0.382 ($94,243), 0.5 ($98,470), and 0.618 ($102,697) levels represent major obstacles for buyers aiming to confirm a larger trend reversal. Until these levels are reclaimed, the market remains in a corrective phase, although the narrowing trading range signals a potential transition from intense selling to cautious accumulation.

A decisive move above the 0.236 Fibonacci level could pave the way for recovery towards $94,000 and $98,000. Alternatively, if Bitcoin fails to maintain position above the mid-range, it risks revisiting support levels between $82,000 and $80,500.

The Awesome Oscillator (AO) supports this trend, showing a decrease in bearish momentum. After a series of deep red bars throughout November, the indicator is now producing lighter colors and beginning to form green bars, suggesting an early bullish signal.

Bitcoin's Market Structure Insights

In a recent analysis, Merlijn The Trader pointed out a striking similarity between Bitcoin's current market conditions and its setup during the 2021 bear market. Back then, Bitcoin failed to maintain a crucial support level and fell beneath its descending trendline, leading to a prolonged downturn.

Currently, Bitcoin is testing a similar structure by approaching a significant macro support zone around $82,000. However, unlike in 2021, Bitcoin has managed to rebound from this vicinity, which is a critical factor.

According to Merlijn, successfully defending the $82,000 support level could alter market sentiment to bullish if Bitcoin can break through the prevailing downward trendline. If this scenario unfolds, the analyst sets a target price of $180,000, indicating a potential increase of 105% from the current position.

Disclaimer: This article is for informational purposes only and should not be viewed as financial advice. The opinions expressed are those of the author and do not represent the views of The Crypto Basic. Readers should conduct their own research before making investment decisions. The Crypto Basic is not liable for any financial losses.