
Bitcoin (BTC) continued its up move, rallying more than 12.5% this week. It is not that the bears gave up easily. They tried to start a pullback on Nov. 14, but the bulls held their ground. The price has been trading in a tight range near the all-time high, improving the prospects of an upside breakout.
CryptoQuant contributor Darkfost said in a market update that Bitcoin whales have not stopped buying even with the price around $90,000, and “most are holding, which is a sign of confidence in the market.”
Crypto market data daily view. Source: Coin360
Bitcoin’s rally has improved sentiment across the cryptocurrency sector, pulling several altcoins higher. However, traders need to be careful because profit booking may set in if Bitcoin fails to hit and maintain a new all-time high.
What are the crucial support levels to watch out for in Bitcoin? If the supports hold, could altcoins continue their rally? Let’s look at the top 5 cryptocurrencies with a strong technical structure.
Bitcoin price analysis
Bitcoin bears are trying to stall the up move in the $92,000 to $93,265 resistance zone, but a positive sign is that the bulls have not given up much ground.
BTC/USDT daily chart. Source: TradingView
That increases the likelihood of the continuation of the uptrend. If buyers drive the price above $93,265, the BTC/USDT pair could surge to the psychological level of $100,000. This level may again act as a strong barrier, but if the buyers bulldoze their way through, the pair may reach $113,331.
If bears want to prevent the upside, they will have to swiftly yank the price below the $85,000 support. If they do that, the pair may sink to the 20-day exponential moving average ($80,791). A break and close below the 20-day EMA will bring the bears back into the game.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears. If the price breaks and closes above the triangle, it will signal that the buyers have asserted their supremacy. That is likely to start the up move to $100,000.
Instead, if the price…
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