Bitcoin Hits $90K as SOL, AVAX, SUI, and NEAR Rally

Bitcoin Price Analysis: Key Levels to Watch

Bitcoin (BTC) continued its upward momentum this week, rallying more than 12.5%. While the bears attempted to trigger a pullback on November 14, the bulls managed to hold strong. Bitcoin has been trading in a tight range near its all-time high, improving the likelihood of a breakout to the upside.

CryptoQuant contributor Darkfost noted that Bitcoin whales have not stopped buying, even with prices hovering around $90,000. This shows continued confidence in the market, with many investors holding their positions.

Bitcoin’s rally has boosted sentiment across the cryptocurrency sector, lifting several altcoins. However, traders should remain cautious, as profit-booking could occur if Bitcoin fails to reach and maintain a new all-time high.

Crucial Support Levels for Bitcoin

Bitcoin bears are attempting to stall the uptrend in the $92,000 to $93,265 resistance zone. A positive sign is that the bulls have not lost much ground, which increases the chances of the rally continuing. If Bitcoin’s price breaks above $93,265, the BTC/USDT pair could surge to $100,000. If this level is overcome, the next target could be $113,331.

However, if the bears manage to push the price below the $85,000 support, it could lead to a decline towards the 20-day exponential moving average (EMA) at $80,791. A close below the 20-day EMA would indicate a shift in momentum towards the bears.

The 4-hour chart reveals a symmetrical triangle pattern, signaling indecision between the bulls and bears. A break above the triangle would suggest a continuation of the uptrend, with a potential move towards $100,000. Conversely, a break below the triangle could indicate profit-booking, leading to a decline to $85,000 or even $80,000.

Solana (SOL) Price Analysis

Solana (SOL) buyers successfully defended a retest of the breakout level at $210, showing strong bullish sentiment. On November 17, the price rose above the $225 resistance level, signaling the start of a new uptrend. Minor resistance is expected near $242, but the price could reach $260, where a substantial challenge from bears may arise.

• If the price breaks above $260, the next target is $304.
• If the price falls below the 20-day EMA ($198), the breakout would be invalidated, signaling a bearish reversal.
• A decline below $225 could lead to a drop to the key support level at $210, with further bearish pressure below $200.

Avalanche (AVAX) Price Analysis

Avalanche (AVAX) rebounded off the 20-day EMA ($30.60) on November 15, reaching the resistance line of its ascending channel on November 17. The rising 20-day EMA and the relative strength index (RSI) near overbought territory suggest a breakout is likely.

• If AVAX breaks above the resistance line, the price could surge to $41.80, and later to $50.
• If the price fails to sustain above the channel, it could drop to the 20-day EMA and remain inside the channel for a longer period.
• A break below the 20-day EMA signals that bears are trying to regain control, and the price could decline to the 50-SMA or $31.

Sui (SUI) Price Analysis

Sui (SUI) has been rallying strongly since breaking out of $2.37 on November 9. The bulls have successfully defended the rally, with the SUI/USDT pair poised to test $4. If the bulls maintain control, the price could surge to $4.25 and then to $4.70.

• The crucial support to watch is the 20-day EMA ($2.86). A break below this level would indicate that the bulls are losing strength, and the price could drop to $2.37.
• The 4-hour chart shows that the price is supported by the 20-EMA during pullbacks, signaling continued buying pressure.
• If the price falls below the 20-EMA, it could signal profit-booking, leading to a drop to the 50-SMA and potentially $2.80.

NEAR Protocol (NEAR) Price Analysis

NEAR Protocol (NEAR) gained momentum after breaking out above the 50-day SMA ($4.71) on November 11. The price has reached the key resistance level at $6.50, with a bullish outlook if it breaks above this level. The rising 20-day EMA ($4.96) and the RSI in the overbought zone suggest an upside breakout is likely.

• If NEAR breaks above $6.50, the price could rise to $7.70 and eventually to $8.58.
• A sharp decline below the 20-day EMA would suggest that the price may fluctuate within the range of $6.50 to $3.42 for some time.
• A break and close below the 20-day EMA would signal a potential shift in momentum, and the price could fall to the 50-SMA or $5.

This article does not constitute investment advice. Every investment and trading decision involves risk, and readers should conduct their own research before making any financial decisions.