Bitcoin (BTC) has been consolidating above the $90,000 support zone for the past ten days, reaching its latest all-time high (ATH) of $99,645 about a week ago. The cryptocurrency has since closed below the short-term downtrend line, failing to break above it and potentially risking a drop to two-week lows.

Bitcoin faces a ‘moment of truth’

Bitcoin is having one of its best months in recent cryptocurrency history, jumping over 47% from its monthly open to its latest ATH. Since November 18, BTC has been trading in a price range of $90,000 to $99,000, remaining above the low range despite recent pullbacks.

The ongoing rally after breaching the $99,000 level twice has fueled investor optimism about potentially hitting the $100,000 level this month. However, over the past week, the flagship cryptocurrency has faced a rejection from its lower-high resistance line.

Rekt Capital cryptocurrency analyst he noticed that Bitcoin closes daily below the weekly lower trendline. For the analyst, this resistance represents a “moment of truth” as a daily close above it could push BTC towards the $100,000 level.

However, continuing to close below risks a “likely re-jection of the trendline.” Despite reaching $97,000 yesterday, BTC closed on its seventh day at $95,300 on Wednesday. Bitcoin needs to close above the $97,000 level on Thursday to break out of the trendline.

The analyst noted that this trendline could be “a rejection point for Bitcoin again as long as it remains resistance,” adding that investors “may see lower range levels again.”

November will end with an raise of almost 40%.

Crypto analyst Ali Martinez excellent that one of the key demand zones for Bitcoin is the $93,580 level, as 667,000 addresses bought almost 504,000 BTC at this price. Martinez cautioned that staying above that level “is imperative” to prevent a sell-off for these holders.

Also, analyst chart highlighted that the greatest resistance level ahead is the level of $96,614, where 155,000 recipients purchased 297,000 BTC.

Martinez also suggested that BTC could rebound to highs, fueled by Thanksgiving. It is worth noting that over the years, Bitcoin has seen wild price fluctuations around this holiday, such as the “Thanksgiving Day Massacre” in 2020, during which BTC saw a 17% price drop in a matter of hours.

The analyst said Bitcoin is moving within a one-day bullish falling wedge, retesting the lower range as support and rebounding in the morning. According to him, a successful breakout from this formation could result in a rebound to $99,000.

According to BTC data, it is currently recording a 36.6% monthly rate of return Coinwith the potential for further increases in the last two days of November. Nevertheless, November will seemingly end up being the second best month of the year, setting the stage for a massive rally in December.

At the time of writing, BTC is trading at $95,135, down 1% in the last 24 hours.

Featured image from Unsplash.com, chart from TradingView.com