Bitcoin Faces Resistance Below $100K as Altcoins Show Mixed Signals

Bitcoin’s price pulled back below $96,000 on November 24 as short-term traders booked profits near the critical $100,000 level. While corrections are natural during bull markets, they often divide sentiment, with new traders panicking while seasoned investors view them as buying opportunities.

Bitcoin Projections Remain Optimistic

Despite the pullback, prediction markets remain bullish. Data from Kalshi, a popular betting platform, projects an 81% chance of Bitcoin reaching $100,000 or higher by December 31, 2024. The median forecast suggests Bitcoin could climb to $122,000 by year-end, with some analysts predicting a rally to $180,000 by late 2025.

Bitcoin Price Analysis: Key Levels to Watch

Bitcoin is currently facing stiff resistance near the psychological $100,000 mark. However, rising moving averages and an overbought Relative Strength Index (RSI) indicate that the trend remains bullish. If buyers push BTC above $100,000, the BTC/USDT pair could target $113,331 and $125,000.

On the downside, initial support lies at the uptrend line, followed by the 20-day Exponential Moving Average (EMA) at $88,386. A rebound from the EMA would signal strength, but a dip below $85,000 could indicate a short-term top.

Altcoin Price Analysis: Key Movers

BNB

BNB has faced selling pressure near the $667 resistance level but finds support at the 20-day EMA ($619). A bounce from this level could propel BNB toward $722, with a breakout targeting $810. However, a decline below the EMA could signal a reversal, with the pair dropping to $600.

Avalanche (AVAX)

AVAX broke out of its ascending channel but is encountering resistance at higher levels. The pair may retest the breakout level, with a rebound potentially driving prices toward $50. A failure to hold the resistance line could see AVAX decline to the 20-day EMA ($34.34).

NEAR Protocol

NEAR attempted to break out above $6.50 but failed to sustain the move. The 20-day EMA ($5.48) is a critical support level. A rebound could push the price toward $8.58, but a breakdown below the EMA might lead to a decline toward the 50-day SMA ($4.86).

OKB

OKB has established a bullish pattern of higher highs and lows, with the price accelerating after a breakout above $48. The next targets are $62 and $68, with $48 expected to act as strong support during pullbacks. A failure to hold this level could send the pair down to the 20-day EMA ($44.79).

Conclusion Bitcoin’s price action near $100,000 is critical for maintaining the bullish momentum, while several altcoins like BNB, AVAX, NEAR, and OKB show mixed signals. Key support levels across the market will determine whether the uptrend resumes or short-term reversals occur.