Bitcoin set a new price record at $81,054.70 before it flipped. What’s going on?
Review of price developments since the beginning of 2024. After a strong rise until mid-March, Bitcoin has slightly corrected until mid-September before gradually resuming a bullish price.
From mid-September, the market has therefore resumed a bullish pattern. Bitcoin returned close to its March peak a few days before the US election.
The US election boosted the cryptocurrency market, and the recent announcement by the FED on the decline in interest rates also confirms the good news for the market. The resistance zone of the bullish channel was then broken upwards.
With this sudden rise, the price of Bitcoin has moved closer to a significant psychological zone: $80,000. On November 10, Bitcoin broke through this area before falling sharply. Indeed this price level is an area that could see BTC curtail for several days however if this limit is exceeded, this price level could serve as a support zone.
The next few days will be important to know whether Bitcoin will stabilize around $80,000 to consolidate its price level or if it will easily continue its upward course over the coming weeks.
