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Bit is trying to recover slightly today, but the inability to reverse the $95,000 level back to the support level could lead to a sell-off during Thanksgiving. Bit price has dropped below $95,000 on 25/11, breaking below the expanding wedge pattern.
Although Bit has found support from the 100-day EMA, the resistance above from the 50-day EMA and the $95,000 price range may limit the immediate recovery to around $99,000. With many altcoins recovering faster than Bit, analysts are divided on whether Bit will see more corrections or reach a new high of $100,000.
Historically, the market trend supports a price increase in December, but prices may drop sharply on Thanksgiving. In November 2020, the Bit correction occurred at the end of the month, when Bit reached a peak of $19,633 but failed to break the ATH of $20,000.
BingX Bit Chart
Bit 1D Chart on 28/11/2024 | Source: TradingView & BingX
However, two weeks later, the price had risen above the psychological level, reaching a new all-time high in Q1 2021. Charles Edwards, the founder of Capriole Fund, believes that Wednesdays (i.e., November 27) are usually Bit price increase days.
However, on Thanksgiving, this asset has undergone a medium correction from 2019 to 2023. A confirmed Bit price increase will be achieved if Bit closes above $95,000 on the daily candle. While the price is rising, price volatility could pull Bit back towards the $90,000 liquidation zone if Bit fails to recover its position above the 50-day EMA within the next 24 hours.
Bit's current support level is $93,500 and the resistance level is $98,500.
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