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Bitcoin (BTC) Price Prediction for November 12

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Tue, 12/11/2024 - 11:50
Bitcoin (BTC) Price Prediction for November 12
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Bulls remain more powerful than bears, according to CoinStats.

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BTC chart by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has again reached a new all-time high, rising by more than 10% over the last day.

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Image by TradingView

On the hourly chart, the price of BTC has made a false breakout of the local resistance of $89,909. If the rate keeps going down, one can expect a correction to the $87,000-$88,000 zone by tomorrow.

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Image by TradingView

On the bigger time frame, the rate of the main crypto has also bounced off of yesterday's bar peak of $89,643. If the candle closes far from the psychological zone of $90,000, bears may seize the initiative, which may lead to a drop to the $82,000 area.

Article image
Image by TradingView

A more positive picture can be seen on the weekly chart. Here traders should focus on the candle's closure in terms of its peak.

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If it happens around the current prices and with no long wick, the upward move may continue to $100,000.

Bitcoin is trading at $89,130 at press time.

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