BITCOIN MARKET UPDATE 25.NOV.2024

Hi everyone, and welcome to today's market update for November 25, 2024. 

Let’s dive into Bitcoin’s latest movements and what we can expect moving forward.Starting with Bitcoin, the current price is $98,323. 

Over the past 24 hours, BTC has shown resilience, holding strong above the $97,000 support level. A consolidation phase appears to be forming in the $98,000-$98,300 zone, which is setting the stage for a potential breakout.

 Looking at the 4-hour chart, we can see Bitcoin maintaining its upward trajectory, forming higher highs and higher lows. The momentum oscillators, however, suggest we may see a brief pullback to test support around $96,500 before a continued rally.

Short-term momentum indicators on the 30-minute chart are showing some divergence, indicating a possible minor correction to $97,000 before resuming the bullish trend.

Zooming out to the daily chart, Bitcoin recently broke above the critical $95,000 resistance level, marking a key milestone in the current Elliott Wave pattern. We are currently in wave (iii) of a larger bullish structure, with the next target set between $100,000 and $102,000. However, a wave (iv) correction could see prices retest $96,500-$96,800 before continuing higher.On-chain data supports this outlook, showing significant whale accumulation around the $95,000 zone. 

Additionally, futures market data highlights an increase in open interest, signaling bullish sentiment among traders.To sum it up, Bitcoin is poised for a continuation of its upward trend, with resistance levels at $98,500 and $100,000 being key short-term targets. Support levels at $97,000 and $96,500 will act as strong floors in the event of a pullback.

Thank you for tuning in to today’s market update! Don’t forget to check our website for the latest insights and updates. Let’s stay ahead of the market together. See you tomorrow