The price of Bitcoin surged sharply following President-elect Trump's victory, climbing from $66,798 on November 4 to $99,800 by Friday.
Bitcoin price dropped sharply from Monday’s high of $103,833, reaching another swing area between $91,124 and $91,909. Today’s low of $91,412 fell within this second swing area, offering buyers a glimmer of hope for a potential bottom. If the price holds this level, reclaiming $93,483 would be the first bullish step, followed by a break above the 200-hour moving average at $95,676 and the 100-hour moving average at $97,072. Without such a move, the market remains in a battle between resistance above and support below.
On the other hand, should the price break below the $91,124 level, bearish momentum could accelerate, with traders likely targeting the 38.2% retracement of the November 4 rally at $87,193. Despite Bitcoin’s rocket-like rise, sharp corrections are typical and do not necessarily signal a bearish shift. A retracement to $87,193 would still be considered a standard corrective move within the broader uptrend.
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