At $90,000, bitcoin may rise again, but it will have to face resistance at $94,000.

Source: Exame Original Title: At US$ 90 thousand, bitcoin may rise again, but it will have to face resistance at US$ 94 thousand Original Link: This Thursday, the 27th, bitcoin continues to recover, showing a significant rise in the last 24 hours. The largest cryptocurrency in the world may start to rise again after having plummeted to $80,000, but it will have to face technical resistance, in addition to depending on advances in the macroeconomic scenario.

At the moment, bitcoin is priced at $90,571, with a 4.4% increase in the last 24 hours, according to data from CoinMarketCap. Despite this, the cryptocurrency still has a decline of over 21% in the last thirty days.

“When analyzing the flow, we can observe that the buying force prevails predominately, which may lead the price of bitcoin to reach the short- and medium-term resistances of $94.5 thousand and $101.6 thousand. Should a selling flow enter and reverse the movement, there will be support at $87 thousand and $82.5 thousand,” said Ana de Mattos, technical analyst and partner trader of a crypto platform.

What is happening in the markets?

“Asian markets advanced, driven by a jump in expectations that the Federal Reserve (Fed) will implement an interest rate cut in December, with market pricing probabilities rising to around 85%. The dollar fluctuated lower, and the yen slightly appreciated amid speculation of intervention in Japan,” said André Franco, CEO of Boost Research.

“In this same expectation, bitcoin shows a positive short-term outlook for the rest of the day. The reversal of the four-week downtrend, combined with the declining interest rate environment and increasing liquidity, favors crypto assets like bitcoin,” he added.

“The break of the $90,000 barrier suggests a resumption of momentum, and if the dollar continues on a weakening trajectory or economic data from the U.S. continues to pressure the Fed, bitcoin may test resistances in the $92,000–$94,000 region. On the other hand, if there is any hawkish surprise or recovery in yields, the immediate support range is located between $88,000 and $89,500,” concluded the CEO of Boost Research.