Bitcoin faces the key level: Will BTC stay above $90,000 or plummet below?

Bitcoin (BTC) has been consolidating above the $90,000 support line for the past ten days following its latest all-time high (ATH) of $99,645 reached some week ago. After failing to break above a short-term downtrend line, however, it is at a critical moment, with a risk to two-week lows if it cannot break above the resistance level.

Bitcoin Faces 'Moment of Truth

Bitcoin has been one of its best months in recent history, surging over 47% from the monthly opening to its latest ATH. Since November 18, BTC has been trading in the $90,000-$99,000 range, maintaining support at the lower end of this range despite recent retracements.

After testing the $99,000 level twice, optimism from investors has been increased and strengthened during the current rally so far, which led hopes for Bitcoin to soon breach above $100,000. Nonetheless, the leading cryptocurrency still experiences rejection from the Lower High resistance line over the last week.

Crypto analyst Rekt Capital pointed out that Bitcoin has been closing below the one-week Lower High trendline, which is its "moment of truth." A daily close above this trendline would catapult Bitcoin toward the $100,000 level. BTC might experience yet another rejection at the resistance level if it continues closing below this trendline.

BTC closed $95,300 on Wednesday marking the seventh straight day of closing below the trendline, even after rallying to $97,000 recently. For a confirmed breakout, Bitcoin will need to close above $97,000 on Thursday

Critical Levels for Bitcoin in November

Another crypto analyst, Ali Martinez, pointed out an important demand zone for Bitcoin, $93,580 where 667,000 addresses bought almost 504,000 BTC. He said that staying above this zone would be imperative not to get sold off by those holders.

Furthermore, the largest resistance level ahead is $96,614 where 155,000 addresses purchased 297,000 BTC. As per Martinez, if Bitcoin remains above $93,580, then there could be a bounce toward the higher end, perhaps as Thanksgiving Day market dynamics kick in. Bitcoin has had some violent price movements around this holiday, like the 2020 "Thanksgiving Day Massacre," in which BTC dropped 17% within a few hours.

Martinez further indicated that BTC remains within a one-day bullish falling wedge, with a breakout from this pattern likely to lead to a rebound to $99,000.

November's Strong Rally Nears Its Close

Bitcoin is currently recording a 36.6% monthly return, according to Coinglass statistics, and is poised for additional potential upside into the final days of November. Although there have been some pullbacks recently, Bitcoin is looking to finish off November as its second best month of the year. This may lead to the start of a potential December rally.

At time of writing, BTC was found trading at $95,135, down 1% over the last 24 hours.

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