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 significant gains in the last 24 hours. The largest cryptocurrency in the world may rise again after having dropped to $80,000, but it will need to face technical resistance, in addition to depending on advancements in the macroeconomic scenario.

Currently, 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 has still accumulated a decline of over 21% in the last thirty days.

“By analyzing the flow, we can observe that the buying pressure prevails, which could lead the price of bitcoin to reach the short and medium-term resistances of $94.5 thousand and $101.6 thousand. If a selling flow enters and reverses the movement, there will be support at $87 thousand and $82.5 thousand,” said Ana de Mattos, technical analyst and trader.

What is happening in the markets?

“Asian markets advanced, driven by a surge 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 appreciated slightly amid speculation of intervention in Japan,” said André Franco, CEO of Boost Research.

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

“The breach of the $90,000 barrier suggests a return of momentum, and if the dollar continues on a weakening trajectory or U.S. economic data continues to pressure the Fed, Bitcoin may test resistances in the $92,000–$94,000 range. 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.