Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) See Solid Gains, Driving Increased Demand for Cryptocurrencies

Bitcoin (BTC) has seen a solid rise of 2.06%, trading at $94,757.26 as of 9:40 AM (GMT-5) on Wednesday, November 27, 2024.

Bitcoin (BTC) price today is $94,757.26 and has risen by 2.06% in the past 24 hours. Bitcoin is trading at $94,757.26 at press time. It reached a high of $95,470.07 and a low of $92,841.49 in the last 24 hours. With a live market cap of $1.875 trillion, BTC has seen a volume of $75.724 billion in the past 24 hours.

Bitcoin (BTC) price analysis/ 24H chart. Source: CoinMarketCap

Bitcoin’s movement comes as the crypto market largely trades in the green zone. The global cryptocurrency market cap today is $2.476 trillion, showing an increase of 3.68% in the last 24 hours.

Top cryptocurrency price today (November 27)

RankCoin24H Price7D Price

1Bitcoin (BTC)$94,757.26 up 2.06%up 30.47%

2Ethereum (ETH)$3,502.69 up 4.87%up 37.83%

3Tether (USDT)$1.00 no changeup 0.02%

4BNB (BNB)$868.87 up 1.67%up 66.07%

5XRP (XRP)$1.4427 up 6.24%up 86.88%

Bitcoin (BTC) technical analysis

Four-hour BTC/USD chart showing bullish pennant forming. Source: TradingView

On the 4-hour chart, BTC seems to be forming a bullish pennant after a strong move to the upside. The pennant formation usually leads to a breakout in the direction of the prior trend. In this case, since the prior trend was bullish, we can expect a breakout to the upside.

The pennant formation is also supported by the RSI indicator, which is showing bullish divergence. The RSI indicator is forming higher lows while the price is making lower lows, which usually indicates that the selling pressure is decreasing and a breakout to the upside is likely.

Resistance levels to watch for BTC

One-day BTC/USD chart showing resistance levels. Source: TradingView

On the 1-day chart, BTC is facing resistance at the $96,000 level, which is the 50-day moving average (MA). The 100-day MA is also providing resistance at the $98,000 level.

If BTC can break through the $96,000 resistance level, it could quickly rise to the $100,000 level. However, if BTC fails to break through the $96,000 resistance level, it could fall back to the $90,000 support level.