The bulls halted Bitcoin’s pullback at $90,802 on November 26th and pushed the coin above $97,000 the following day. Following the recovery rally, Head of Finance at BTC Markets, Charlie Sherry, tweeted that the dip was the last price correction before Bitcoin hit $100,000.
However, some crypto experts are not convinced that BTC will cross the $100k mark anytime soon. For instance, Bitget Research analyst Ryan Lee said earlier this week that the coin could plummet 30% before rallying above $100,000.
Nonetheless, most analysts agree that the recent correction was necessary for Bitcoin to maintain a healthy uptrend, given that vertical rallies are usually unsustainable.
While the bears are expected to defend $100,000, which critical levels should we monitor closely if they give way? An in-depth analysis of the price charts will help us find the answers.
Bitcoin Price Analysis
The bulls actively defended the support area near the 20-day Exponential Moving Average of $89,947 earlier this week. They then pushed Bitcoin above the $95,003.29 resistance on November 27th and fueled a rally to $97,205, where the bears started selling, pulling the coin’s price to $94,855 at press time.
If BTC continues to trade above $89,947, it’ll show the bulls’ determination to sustain the largest coin by market cap at higher levels. In that case, the probability of a surge above $100,000 will rise. Keeping Bitcoin above this key price could enable the bulls to pump the digital asset to $113,300 and then to $125,200.
However, if a fall below $89,947 finally occurs, our optimistic view will no longer be valid. As such, BTC is likely to descend to the $85,499 support, a level that the buyers must protect to block a dip to $80,000.
Ethereum Price Analysis
As Bitcoin faces tough resistance, Ethereum, on the other hand, is rallying, breaking numerous barriers. The token’s price has gone above the downtrend line, settling at $3,620 as of this writing.
The path to $3,900.48 is now left with minor resistance points, so it’s likely that intense buying from here could propel Ethereum to that mark in the coming days. Profit-taking at $3,900.48 is expected. However, if selling pressure is low, ETH could ascend to $4,093.89.
Conversely, a drop below the downtrend line would suggest bears’ comeback. If this happens, the 20-day Exponential Moving Average of $3,194 will be a vital point to monitor, as any break below there could result in a deeper correction to $2,851.43.
Solana Price Analysis
The bears couldn’t sustain Solana below the 20-day Exponential Moving Average of $227.93 on November 26th, suggesting aggressive dip-purchasing by the bulls. The coin is now trading at $234.98 per CoinGecko’s data. If it crosses $240.50, then the bulls will attempt to drive its price toward $263.84, the all-time high. A break above this vital resistance could mean the start of a solid uptrend to $300.
On the contrary, sustaining SOL below $227.93 could enable the sellers to drag the asset to the $210.35 breakout level, which we expect to attract buying.
BNB Price Analysis
Since starting a recovery rally from the 50-day Simple Moving Average of $601.03 on November 26th, the bulls have been pushing BNB higher. The token’s current price is $654.75, way above the 20-day Exponential Moving Average of $620.38.
What’s more, the Relative Strength Index sits at 63.18, giving room for further upward movement. If the $667.30 resistance crumbles, BNB could rise toward $686.99. On the bearish side, this digital asset risks plunging to the $575.39 support if the bulls fail to guard $601.03.
XRP Price Analysis
XRP is up 28% this week thanks to Ripple Labs’ announcement regarding the company’s investment in the Bitwise XRP ETF. The token reached $1.50 on November 27th and then reversed to $1.46 the following day. But if the bulls push and keep it above $1.50, a rally to $1.64 and later to $1.75 seems likely. Alternatively, the bears could drag XRP to the 20-day Exponential Moving Average of $1.11 if the $1.27 support breaks.
