Bitcoin Price Remains Above $90K — Will It Maintain This Level?

In the past week, Bitcoin has shown strong performance, marking its best results since the dramatic downturn on October 10, which triggered the largest liquidation event in cryptocurrency history. Currently, Bitcoin has managed to recover and stay above the $90,000 threshold as of Wednesday, November 26.

Key Takeaways

Bitcoin has rebounded to over $90,000 following a significant market downturn in October.
Analyst CryptoOnchain suggests that Bitcoin could face potential resistance within the $70,000 to $90,000 zone based on on-chain data.
Recent inflows of Bitcoin to major exchanges like Binance may create selling pressure, affecting price stability.
As of now, Bitcoin trades at just above $91,000 with minimal changes noted recently.

Bitcoin

Even amidst predictions of a bear market, market participants are growing optimistic about a potential bull run for Bitcoin (BTC). However, a leading on-chain analyst has offered a detailed perspective regarding the cryptocurrency's price outlook.

Analyst's Prediction: Bitcoin Price to Stabilize Between $70,000 and $90,000

On November 28, CryptoOnchain shared insights on the X platform regarding Bitcoin’s price activity around the significant $90,000 level. The analyst indicated that recent on-chain data implies that the market's leading cryptocurrency might face resistance at its current price.

CryptoOnchain pointed out that Bitcoin has lost a substantial support level at $90,000 after dipping to around $80,000 the previous week. Currently, Bitcoin is attempting to close decisively above $90,000 after recovering from the Point of Control (POC) near $82,000.

In cryptocurrency trading, the Point of Control (POC) is the price level where the highest amount of trading activity occurs during a specific timeframe. This represents the price at which buyers and sellers are balanced, contributing to the establishment of support or resistance.

Bitcoin
Source: @CryptoOnchain on X

Following its bounce from the POC around $82,000, CryptoOnchain noted that Bitcoin has entered a “clear” consolidation zone between the $70,000 and $90,000 range. Even though Bitcoin is currently above $90,000, the analyst warned that the cryptocurrency could face a possible rejection.

This analysis is based on on-chain data revealing significant amounts of Bitcoin being transferred to Binance, the largest cryptocurrency exchange by trading volume. According to CryptoQuant, more than $2 billion worth of Bitcoin has been moved to the exchange in the past week, which could exert downward pressure on the price.

In addition to potential selling pressure, there is a limited buying capacity to counterbalance the additional Bitcoin supply that may flood the market due to sales. CryptoOnchain highlighted that net stablecoin inflows on Binance are around $735 million, indicating restricted demand or buying power.

Given this “clear supply-demand imbalance,” CryptoOnchain predicts that Bitcoin may likely experience rejection around the $90,000 level with continued sideways movement within the consolidation zone of $70,000 to $90,000.

Current Status of Bitcoin Price

At the time of writing, Bitcoin's price is slightly above $91,000, with no noteworthy fluctuations observed over the last day.

Bitcoin
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView