Bitcoin (BTC) Price Analysis: BTC Price Reaches $100,000 Milestone

The price of Bitcoin (BTC) has risen to the psychological milestone of $100,000. BTC price analysis by Coinidol.com.

Bitcoin (BTC) price analysis: BTC price stalls at $98,200, stalls at key resistance

Bitcoin price analysis on November 23 reveals that the cryptocurrency has stalled at a crucial resistance level after rising to a high of $99,800 on Monday, November 22. BTC price is now trading sideways, and a doji candlestick has emerged on the lower timeframe. This candlestick indicates that traders are hesitating as Bitcoin stalls below the recent high amid a bullish market. The cryptocurrency is now trading at $98,200, supported by the 21-day Simple Moving Average (SMA).

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price stalls at $98,200 after rising to a new all-time high

Bitcoin price began the new week with a bullish rally, rising from a low of $92,800 on Monday, November 22. BTC price later stalled at a high of $99,800 before falling back. The cryptocurrency stalled at the $100,000 resistance level but managed to consolidate above the $98,000 support.

On the lower timeframe, a candle formed a strong tail, indicating significant buying pressure at the current support. If the bulls hold their positions, we can expect to see the cryptocurrency rising even further.

Bitcoin will continue to rise if buyers hold the $93,000 breakout level and breach the $100,000 mark. BTC will rise to a high of $115,000. On the other hand, if the bears drop below the $93,000 support level, BTC will fall. The cryptocurrency value will fall to a low above the 21-day SMA or a low of $85,240. In the meantime, BTC is currently priced at $98,200.

Bitcoin stalls after rising to a high of $99,800 on the price indicator

After rising to a high of $99,800, Bitcoin has stalled. A doji, or miniature indecision candle, has emerged on the candlesticks, showing that traders are reaching a point of hesitation as Bitcoin stalls below the recent high. The 21-day SMA provides support for the cryptocurrency’s uptrend.

Technical indicators:

Resistance Levels – $80,000 and $100,000

Support Levels – $70,000 and $50,000

Which cryptocurrency leg for BTC/USD?

On the 4-hour chart, Bitcoin is on a gentle rise after breaking through the $93,000 resistance. Owing to the doji candlesticks, the cryptocurrency has traded moderately since the breakout. As the market continues its uptrend, BTC is trading above the 21-day SMA.