Khaberni - Cautious calm prevailed over "Bitcoin" trading on the morning of Friday, November 28, as the world's largest cryptocurrency maintained its stability above the $91,000 barrier.
This "sideways" performance comes at a time when liquidity is strongly flowing towards the gold and silver commodity markets, suggesting that digital currency traders prefer to wait and monitor the closures of traditional markets.
By the numbers: Bitcoin's current price is $91,359.4, with a slight change of +0.09% / +$79.6.
While precious metals are experiencing strong gains today, Bitcoin is in a state of "anticipation," trading near the top of its daily range at $91,402.9 but without enough momentum so far to break through new resistances.
Data and Analysis
The daily range of $90,664.2 - $91,402.9 shows a "price compression"; the difference between the peak and trough has not exceeded $800, a very narrow range compared to Bitcoin's usual volatilities.
The current trading on the morning of Friday stands at $91,359.4, right at the upper limit of the daily range.
This stability above $90,600 is positive from a technical standpoint, as it indicates that the $90,000 level has been established as a "solid support floor" after last week's volatilities, but the market currently lacks the catalysts needed to drive towards $100,000 again.
Digital market analysts believe that "Bitcoin's detachment from today's gold and silver rally reflects a liquidity rotation scenario".
They add: "The market is in a quiet 'accumulation' phase, the stability above $91,000 is a healthy sign, and it seems that major investors, the whales, are waiting for the weekend - when traditional markets close - to make their next move."
Resistance: It is expected that the daily high at $91,402.9 will represent momentary resistance.
Breaking through this level might push the price to test $92,000.
Support: On the other hand, today's daily bottom at $90,664.2 represents the first line of defense.
The most likely scenario remains "quiet sideways trading" until the end of American transactions, with expectations of increased volatility over the weekend.
