As the BTC/USD chart indicates:
→ At the start of November, Bitcoin’s price was around the $70,000 level.
→ Today, a single coin is trading for approximately $92,000.
On 12 November, when we last analysed Bitcoin’s price, we:
→ Highlighted factors driving bullish sentiment.
→ Identified a long-term ascending channel.
→ Predicted a potential correction after surpassing the psychological $90k level.
Now, let’s focus on the technical analysis of the hourly BTC/USD chart, which shows that:
→ Since 5 November (when confirmations of Trump’s election victory started emerging), the price has formed a steep ascending channel (marked in blue).
→ Indeed, the bulls failed to firmly establish themselves above the psychological level, resulting in a correction (marked with a red arrow) last week.
→ The lower boundary of the blue channel acted as support (indicated by the black arrow), allowing the bulls to attempt a trend recovery and achieve their first milestone—breaking a local descending trendline (marked in red).
It is possible that bullish progress will continue, potentially bringing Bitcoin closer to the significant $100,000 mark per coin.
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