Bitcoin needs to close the week above $93,000 to avoid a possible drop in price.
- The key resistance is between $93,000 and $93,500.
- Bitcoin may fall to $88,000 or lower if it doesn’t hold current levels.
- Closing above $97,000 would support bullish investor confidence.
Bitcoin Struggles Near $93K Resistance
Bitcoin bounced from $84,000 this week but is still trading below $93,000. Analysts say this area is important because it acts as a strong resistance level. If Bitcoin can close the week above $93,000, it could confirm a price recovery. Data from TradingView shows Bitcoin hovering just below this critical level. The price needs to stay above it to build more upward momentum.
Realized Price Signals Investor Behavior
On-chain data from CryptoQuant shows that Bitcoin is trading below the average cost basis of most holders. This means many people are holding Bitcoin at a loss, especially those who bought 6 to 12 months ago. Analyst Darkfost says the next important level to recover is $97,000. If Bitcoin moves above this, these holders would see possible gains again and may choose not to sell. That could help stabilize the market.
Support Levels Show Where Price Could Fall
The main support zone is around $88,000. If Bitcoin drops below that level, it might continue down to $68,000. Analyst Daan Crypto Trades says it’s important that the price does not fall below $88,000 on higher timeframes. Another key level to watch is $91,000. If Bitcoin closes below this, it would signal a continued downtrend. So far, selling pressure has slowed, but caution is needed if the coin doesn’t regain higher supports.
Weekly Close Will Guide the Next Move
Analysts agree that Bitcoin must reclaim $93,000 to avoid more downward pressure. Swissblock, a private wealth manager, said price momentum is recovering, but only a close above $93,500 would confirm a breakout. If that happens, the next target is $95,000. Analyst AlphaBTC expects Bitcoin to rebound and close the week higher, which could lead to a more stable December. For now, traders are carefully watching the weekend close.
Source: cointelegraph.com
