BTC Price Rises, but Faces Make-or-Break Resistance
The crypto market slowly chipped away at last week’s grueling sell-off this week, with bitcoin rising to $91,500, the highest since Nov. 20, and the ether price hitting highs above $3,000 for three straight days.
The CoinDesk 20 Index (CD20) has gained 6.3% so far this week, on track for the biggest one-week gain since Oct. 5.
But it isn’t out of the woods. Bitcoin needs to break out of a downward channel dating back to early October with a clear break above $98,000 and, ideally, consolidation above $100,000.
Failure to do so would form another lower high, confirming the negative trend and a potential bearish reversal from early October’s $126,000 record high.
The Fear and Greed Index is still flashing 20/100,…
