Bitcoin News Today: Bitcoin Faces a Pivotal Moment: Bulls Defend $93K While Bears Target $75K

Bitcoin's Upward Momentum Stalls Amid Bearish Signals

Bitcoin's recent attempt to recover its price appears to be losing strength, as several technical and macroeconomic factors are turning unfavorable for the cryptocurrency. Although hopes for a Federal Reserve rate cut in December—currently estimated at a 67.1% chance for a 25-basis-point reduction—sparked a brief rally, Bitcoin (BTC) remains exposed to further downside after falling below key support levels. These include the 50-week exponential moving average and a significant upward trendline established in 2024, placing the asset in a corrective phase. For bullish momentum to return, buyers must reclaim resistance above $92,900 to prevent a deeper pullback.

Key Resistance and Support Levels

Immediate resistance for BTC is found between $90,822 and $94,003, an area associated with heavy trading during April's surge. Should Bitcoin manage to surpass $101,000, it would encounter major technical obstacles, such as the 0.786 Fibonacci retracement and previous support levels that have now become resistance.

However, the downward slope of the Weekly 50 EMA, which coincides with the 0.618 Fibonacci level, could limit any sustained upward movement. This increases the risk of a decline toward $80,524, or potentially down to the psychologically significant $75,000 mark. Meanwhile, the Dollar Index (DXY) is consolidating below 100, and if certain catalysts emerge, it could climb higher, adding to the bearish environment for cryptocurrencies.

Market Sentiment and Analyst Perspectives

As of November 26, Bitcoin was trading at $87,615. The Fear & Greed Index registered an extreme fear reading of 15, and over $285 million in positions were liquidated within a single day. Experts are split on what comes next: BitMEX founder Arthur Hayes anticipates Bitcoin will consolidate below $90,000 and possibly revisit $80,000, while others, such as Delphi Digital's that1618guy, see two possible outcomes—a bullish breakout above $103,500 or a bearish slide to $75,000. The bearish scenario is supported by a significant sell-off from long-term holders, reducing the circulating supply to 13.6 million BTC and suggesting the current cycle may be running out of steam, especially after the sharp drop from October's $120,000 peak.

Ethereum and Altcoin Market Developments

Ethereum (ETH) is also under pressure, trading at $2,939, even as large investors continue to accumulate. Tom Lee of Fundstrat describes a potential short-term dip to $2,500 as part of a "supercycle" accumulation phase, predicting ETH could surge three to four times to reach $7,000–$9,000 by January. Elsewhere, the altcoin market remains turbulent: PLUME has soared 80% on Upbit, while Hyperliquid's HYPE token faces possible liquidation risks ahead of a $308 million token unlock.

Technical Indicators and Macroeconomic Influences

Bitcoin's technical outlook remains precarious, with momentum indicators such as the RSI and MACD reflecting weak buying interest during the current rebound. If BTC fails to close above $87,500, further declines toward $82,900 and $80,000 are possible. Conversely, a decisive move above $93,000 could revive bullish sentiment. Analysts are also monitoring broader economic data, including U.S. unemployment claims, which could impact short-term market volatility.