Bitcoin Price Prediction after Uptick to $87K
Bitcoin is stumbling at the $89K level and is down to $87,000 for Tuesday as the crypto market slowly regains some losses.
Quick overview
- Bitcoin's price has risen to $87,048 after a recent low of $81.5K, marking a 6.7% recovery.
- Despite the recent gains, Bitcoin faces significant resistance as it approaches $89K and has struggled throughout November.
- Ethereum and XRP have outperformed Bitcoin recently, with gains of 2.75% and 11% respectively, highlighting Bitcoin's competitive challenges.
- Investors are advised to remain cautious as Bitcoin's upward momentum may be short-lived amid ongoing scrutiny.
Bitcoin is now up to $87,048 (BTC/USD), making a small recovery after sharp losses over last week, having gained 0.85% on Tuesday.
The price of Bitcoin (BTC) is up today, but investors should not get their hopes up too high just yet. The digital token made small gains Tuesday morning and has been gaining steadily for the past few days.
BTC/USDOn Friday, BTC dropped to $81.5K, marking its lowest point in months, and investors feared that the coin was not done with its bearish trend yet. However, the coin has made slow upward progress since then, gaining 6.7%. That is excellent news for investors who expected Bitcoin to remain bearish.
Bitcoin Faces Resistance at Current Level
BTC has been falling throughout almost the entire month of November. The current uptrend is its longest in November so far, but the coin has a long way to go to get back to October highs. This means that as it climbs higher, it will face fiercer and fiercer resistance.
Bitcoin already ran into trouble as it neared $89K, falling just short of that mark on Monday. It is unlikely that this level will offer strong resistance of the coin, but for now, BTC is faltering and could sink deeper before its next resurgence. Even though the 24-hour chart shows an increase of 0.85%, the coin has trended downward for the past few hours. It could pick up momentum as more investors bail out after seeing Bitcoin face its first resistance hurdle at $89K.
Bitcoin has strong competition right now from Ethereum (ETH) and XRP (XRP). These coins jumped 2.75% and 11% respectively over the last 24 hours. As Bitcoin struggles to even hold onto recent recovery gains, these coins are surging forward at a much more appreciable rate. Significant scrutiny has been placed on Bitcoin recently, and every faltering move is hyper examined. Ethereum and XRP do not have to face that difficulty as severely, so they have more potential to recover from minor slips, and they could be better investments in the short term.
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