Bitcoin Price Holds Above $90,000 Amid Holiday Lull
Bitcoin (BTC) managed to avoid significant selling pressure on Thursday, largely due to the US Thanksgiving holiday providing a much-needed respite for bulls. The cryptocurrency has maintained its crucial support level at $90,000, even reaching weekly highs earlier in the day.
This stability has led to a shift in price expectations, with renewed optimism for Bitcoin to potentially reclaim six-figure territory, with targets around $100,000 once again being discussed.
Analysis of futures markets indicates a washout of leverage, which is now seen as laying the groundwork for a more sustainable rebound.
Bullish Targets Emerge for Bitcoin Price
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin's price support has held firm at the $90,000 mark. Following its ascent to weekly highs near $92,000 earlier in the day, BTC/USD experienced a period of calm, benefiting from the absence of Wall Street trading activity.
Traders have identified a critical resistance battle ahead, specifically around the 2025 yearly opening level situated above $93,000.
Michaël van de Poppe, a crypto trader, analyst, and entrepreneur, expressed optimism on X, stating, "If this levels breaks, Bitcoin is back up to $100K." He added, "All in all, a pretty strong bounce upwards. I want to see some consolidation here before we break through this resistance level."
“All in all, a pretty strong bounce upwards. I want to see some consolidation here before we break through this resistance level.”
Further analysis of exchange order-book liquidity by trader Daan Crypto Trades highlighted the $97,000 to $98,000 range as a key area of interest for potential upside targets. He explained on X, "The $97K-$98K is stacked after seeing that consistent and heavy sell off 1-2 weeks back. This created a ton of marginally lower highs, creating such a big liquidity pocket." He also noted that this area aligns with a clear horizontal price level, making it a significant point to watch.
“The $97K-$98K area is also in line with a clear horizontal price level. So overall, a good area to watch.”
Van de Poppe also indicated that he would not be opposed to a retest of $88,000 before further upward movement, emphasizing that the broader crypto bull cycle remains "far from over."
Bitcoin Markets Show Signs of Recovery
Additional positive indicators for Bitcoin bulls have emerged from on-chain analytics. J. A. Maartunn, a contributor to CryptoQuant, reported that spot markets are entering a recovery phase.
He observed that the taker cumulative volume delta (CVD) is moving back towards neutral from negative territory, describing it as "a significant step forward!"
As previously reported, the negative spot taker CVD was a point of concern for analysts at the beginning of November when BTC/USD was trading above $100,000.
XWIN Research Japan, another contributor to CryptoQuant, stated in a recent "Quicktake" blog post that the Bitcoin market is exhibiting clearer signs across futures, spot, and on-chain data that the recent "leveraged phase" is concluding and that longer-term capital is returning.
The post referenced CryptoQuant’s indicator for retail investor activity on Bitcoin futures, which is now mirroring past market turning points by turning green.
