- Bitcoin’s bullish trend persists, targeting $115K as support at $85K-$88K holds firm, and resistance near $99K challenges momentum.
- BTC’s steady climb above $91K signals strength, with key resistance at $96K and potential for a breakout toward $115K.
- Analysts highlight BTC’s resilience above WVAP at $89K, maintaining a bullish channel with potential short-term volatility.
Bitcoin continues to hold its upward trajectory, trading at approximately $91,428, despite resistance at $96,667.6. The digital asset’s recent performance highlights bullish behavior, reinforced by a robust ascending channel pattern. Analyst Mooncake, suggests BTC could trend toward $115,674.2 before a consolidation phase occurs.
gm!$BTC bounced off 86.6k (short target was 86.1k-84.7k)
Expect we’ll be bull-flagging within this channel
We’ll likely chop around, but as long as we’re trading above wvwap or we continue to hold 89k–we’ll be trending higher prolly toward $115k before we consolidate again https://t.co/nz1dVFsnki pic.twitter.com/PNSRitf02u
— Mooncake 💮 (@mooncakexbt) November 16, 2024
Strong Support Levels Underpin Bullish Sentiment
BTC has demonstrated resilience with support levels identified at $85,079.6 and $88,378.6. These levels have consistently held during market declines, providing a solid foundation for upward movement. Moreover, intermediate support at $91,785.4 has stabilized BTC’s price, enabling steady progress toward higher targets.
The price movements show healthy market volatility with oscillating patterns marked by minor corrections and recoveries. These fluctuations, however, have not breached critical support levels, indicating strength within the current trend.
Resistance Challenges and Price Targets
Significant resistance levels at $96,667.6 and $99,096.2 present immediate hurdles for BTC’s upward momentum. However, a potential breakout above these levels could propel the price toward $104,000 and, subsequently, $115,674.2.
The chart reveals a bullish channel with trend lines pointing to continued growth. Previous price reversals around key levels highlight the market’s dynamic behavior and the importance of maintaining momentum. BTC’s recent climb above $91,428 suggests it may soon challenge the $96,667.6 resistance level.
Moreover, analysts believe that surpassing $99,096.2 could trigger a broader rally, pushing BTC toward its next milestone at $115,674.2. This optimism stems from historical patterns, which show that BTC’s pullbacks have consistently respected support lines, signaling sustained upward pressure.
Mooncake anticipates BTC will maintain its bullish structure as long as it trades above the weighted volume average price (WVAP) of $89,000. The continued formation of a bull flag within the current channel supports this projection.
