Bitcoin bulls defend key support levels, while Ethereum shows signs of a long-awaited resurgence.

Bitcoin Maintains Strength Above $90,000

Bitcoin continued to consolidate around $96,000 on November 29 after a “fantastic” retest of support levels, according to analysts. Data from TradingView showed reduced price volatility for BTC/USD, following rapid gains on November 27, which ended with a close just below $96,000 on Bitstamp.

Despite selling pressure, Bitcoin bulls held firm, maintaining support above $90,000 and forming a new support zone over the past two weeks. Analyst Rekt Capital took to X to highlight the significance of the $91,000 support level, describing it as “fantastic.”

“Now all about breaking the trendline to get back to $100,000,” he added, pointing to the next key resistance level.

Liquidity Levels and Market Dynamics

Market participant The Kingfisher noted that liquidity levels above and below the spot price were being closely monitored by traders. According to CoinGlass, a significant amount of ask liquidity was concentrated above $97,000, indicating potential price movement in the short term.

IT Tech, a contributor to CryptoQuant, warned that high leverage in the market could lead to liquidations. This comes amidst concerns about manipulative trading by high-volume players, which can influence short-term price performance.

Ethereum Eyes $4,000 Resistance

Ethereum, the largest altcoin by market capitalisation, showed renewed bullish momentum as it approached the $4,000 mark. ETH/USD traded near $3,700, with traders now watching for a breakout above this key resistance level.

“Ethereum has revisited the ~$3,700 resistance of its main market structure,” analyst Rekt Capital noted, adding that a weekly close above this level could pave the way for a return to highs last seen in late 2021.

However, trader Credible Crypto remained cautious, predicting a possible dip towards $2,700–$2,800 if Ethereum faces rejection at current levels. He linked this scenario to a potential 10% correction in Bitcoin prices.

Outlook: Consolidation or Breakout?

As Bitcoin consolidates and Ethereum pushes higher, traders are keeping a close eye on key resistance levels. A break above these could signal a bullish continuation for both assets.