Bitcoin Bulls Eye $100K as $95K Mark Beckons

Bitcoin (BTC) regained momentum on November 27, rising nearly 4% as buyers intervened to prevent the price from hitting weekly lows. This price recovery fueled fresh optimism that Bitcoin could reclaim the $100,000 mark, with many analysts revisiting their bullish predictions for the cryptocurrency.

The rally came in response to key U.S. economic data, which met market expectations. Among the reports, the jobless claims data and the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) Index, were closely watched. The data reinforced market expectations that the Fed might cut interest rates by 0.25% as soon as next month, with the odds of a rate decrease rising to 66%, according to CME Group's FedWatch Tool.

However, some market watchers, like The Kobeissi Letter, cautioned that inflationary pressures were still rising and questioned whether the Federal Reserve would continue its policy shift. In response, Bitcoin remained largely unaffected by these concerns, showing resilience in the face of macroeconomic uncertainty.

Popular trader Skew observed that passive buyers had been stepping in during lower time frame (LTF) price dips, helping to stabilize the market. He also pointed out that order book liquidity on major exchanges like Binance remained relatively wide, with significant demand starting at around $85,000. This liquidity shift, including the removal of sell orders, helped support the price recovery.

Market Divergence on $100K Target

As Bitcoin climbed towards $95,000, the debate over whether it could reach $100,000 intensified. Some market participants remained cautious, noting the large sell wall around the $100K level. CoinGlass, a popular monitoring resource, pointed out that the presence of a significant resistance at $100,000 could be intentional, potentially delaying a move past that price point.

On the other hand, bullish analysts were undeterred. A key technical indicator, the moving average convergence/divergence (MACD), sparked renewed hope for a $100K target. Bitcoin Munger, a well-known social media account, highlighted that a bullish MACD crossover was imminent, reaffirming their confidence that Bitcoin was on track to hit $100,000.

Other traders, like Roman, were less surprised by Bitcoin’s recent comeback, suggesting that the market’s shift towards $70,000 in previous weeks had signaled an impending upward movement. With the price now pushing closer to $95,000, many are betting that the next milestone could be Bitcoin’s six-figure breakthrough.