The post Why is Bitcoin Price not Crashing Today? appeared on BitcoinEthereumNews.com.

Bitcoin is currently trading above the crucial $95k level and is up by more than three percent in the last 24 hours. The largest cryptocurrency is showing signs of a short-term bullish divergence, as it tries to regain a key Fibonacci level. This is happening alongside a new bullish cross on the Bitcoin indicator.  According to Santiment, Bitcoin’s Mean Dollar Invested Age (MDIA), which tracks the average age of coins in wallets, has dropped significantly since mid-October 2023, signaling a bullish trend. This decline shows that coins previously sitting idle in wallets are now being circulated. The average age of Bitcoin has fallen from 637 days to 466 days, a 27% drop, with a 9% decrease in just the past three weeks. As long as the MDIA continues to drop, it suggests that the market is in a bull phase. Looking at the Bigger Picture Analyst Josh of Crypto World said that Bitcoin is still looking bullish overall, showing strong signs of a potential long-term bull run despite some short-term pullbacks. However, there’s still resistance at the 16.8 Fibonacci extension, which is around $100,000 to $102,000.  Bitcoin is trying to reclaim levels around $94,000 to $95,000. After briefly falling below this level, it’s now attempting to break back above. A close above $95,000 in the next few days could signal a positive short-term move. Next Resistance Levels to Watch If Bitcoin manages to break past $95,000, the next resistance areas are around $100,000 and $102,000. A confirmed breakout above these levels could push Bitcoin higher, possibly reaching $113,000. On the downside, we could see support around $89,000 if there’s a pullback. Short-Term Bearish Divergence In the shorter term, on the 12-hour chart, Bitcoin is still showing a bearish divergence. This means there might be some choppy price action in the…

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Filed under: News - @ November 28, 2024 4:28 am