Bitcoin Price Slides Below $90,000 — Is A Retest Of The November Lows Near?

Bitcoin's recent price action has investors on edge as it slips below the critical $90,000 mark. After a 5% slide from its recent highs, the leading cryptocurrency is once again testing crucial support areas, prompting a vital question: does this downturn signify a looming retest of last November's lows or merely a temporary consolidation before a stronger rebound?

Bitcoin's Volatile Dance Around Key Levels

Following its latest drop, Bitcoin (BTC) is re-evaluating a pivotal support zone. The market has been closely watching since a November correction sent BTC to a seven-month low of $80,600. In the weeks leading up to this recent decline, Bitcoin successfully traded within a re-accumulation range, fluctuating between $82,000 and $93,500. It even managed a multi-week high of $94,150 before losing momentum. As the first week of December draws to a close, Bitcoin has fallen back below the $90,000 barrier, currently finding support around the $88,000 level.

Expert Analysts Weigh In on BTC's Next Move

Prominent crypto analysts are offering a cautious but analytical outlook on Bitcoin's immediate trajectory. Analyst Ted Pillows suggested that the asset "wants to go lower" before any significant breakout attempt, anticipating a probable bounce from the $88,000-$89,000 support zone. Altcoin Sherpa emphasized that the ongoing retest is crucial for confirming whether current price action indicates a pattern of lower highs, or if there's sufficient underlying strength to propel Bitcoin towards a $100,000 rebound. This period of uncertainty is seen as a critical juncture for the cryptocurrency.

Consolidation or Deeper Correction Ahead?

Adding to the analytical landscape, Rekt Capital pointed out Bitcoin's consistent rejection from its range-high resistance. However, he also highlighted a potentially encouraging sign: if the current pullback is shallower than the previous two, it could signal a weakening of this resistance. According to Rekt Capital, continued shallower rejections would allow Bitcoin to eventually breach this resistance and challenge the broader multi-week downtrend that has dictated its movements. Conversely, a failure to bounce quickly from current support, or extended sideways trading below resistance, could expose Bitcoin to a retest of its November lows and even lower price points. As of this report, Bitcoin is trading around $89,400, marking a 2.9% daily decline, leaving the market in anticipation of its next decisive move.