Major Bitcoin Technical Analysis: Support & Resistance

Since November 5th, 2024, Bitcoin has jumped 45%. The catalyst was Donald Trump winning the White house and his dovish stance on crypto. In addition, Bitcoin had been consolidating in a bull flag since March 2024. The pattern was bullish, it just needed the ignition. Trump's win was that.

Over the last few trading days, Bitcoin has been hammering on the $100,000 level. This is the current resistance. Should price break $100,000 to the upside, there is a major resistance at $107,000. This technical level is a parallel channel that stretches back to the 2017 high and connects through the 2021 highs. The lows of the parallel connect perfectly through the 2022 and 2023 lows.

On the downside, Bitcoin has support at $90,000, then $74,000.

Based on probability, Bitcoin is likely to crack above the $100,000 level and tag $107,000

Verified Investing analyzes the data and charts. There is no narratives or bias. We believe investors need the facts based on pure probability. That is what we give via the charts and levels.