
Bitcoin (BTC) has been on a roll this week, rising above $80,000 on Nov. 10. Analysts believe the rally has just started, and that Bitcoin has a long way to go. Bitcoin analyst Tuur Demeester said in a post on X that “no rash action is needed, HODLing does the work for you.”
Newbie traders may be contemplating that Bitcoin’s rally has made it overvalued, but Bitwise Invest CEO Hunter Horsley said in a post on X that “Bitcoin is different.”
“When Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable. And so it’s likely to go up even further,” Horsley explained.
Crypto market data daily view. Source: Coin360
The rally is not limited to Bitcoin alone. Several altcoins have started to breakout of their respective overhead resistance levels, signaling improving sentiment.
However, popular commentator WhalePanda cautioned that low liquidity moves on the weekend almost always fully “retrace.”
Will Bitcoin sustain the higher levels, pulling select altcoins higher? Let’s study the charts of the top 5 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bulls are not giving up any ground to the bears, which may have resulted in another round of short covering on Nov. 10. That pushed the price above $80,000.
BTC/USDT daily chart. Source: TradingView
The target objective of the breakout from the $54,000 to $73,777 range is $93,554. This level may act as a resistance, but the buyers will try to extend the uptrend to the psychologically crucial level of $100,000.
Time is running out for the bears. If they want to make a comeback, they will have to pull the price below the 20-day exponential moving average ($71,753). That could trigger long liquidation, pulling the BTC/USDT pair toward the 50-day simple moving average ($66,864).
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bulls purchased the dip to the 20-EMA, which remains the key short-term level to watch out for. If the bulls do not allow the price to skid below the 20-EMA, the pair may surge toward $93,554.
Conversely, if the price turns down and breaks below…
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