Bitcoin (BTC) avoided US selling pressure Thursday as US Thanksgiving provided bulls with key relief.
Key points:
Bitcoin retains $90,000 as support into the Thanksgiving weekend after hitting weekly highs.
BTC price expectations flip bullish, with even $100,000 on the cards again.
Futures markets show a leverage washout laying the foundations for a more sustainable rebound.
BTC price bull targets bring back six figures
Data from Cointelegraph Markets Pro and TradingView showed BTC price support holding at $90,000.
After reaching weekly highs near $92,000 earlier in the day, BTC/USD enjoyed a respite thanks to the lack of a Wall Street trading session.
Commenting, traders agreed that a crucial resistance battle was now around the corner in the form of the 2025 yearly opening level above $93,000.
“If this levels breaks, Bitcoin is back up to $100K,” crypto trader, analyst and entrepreneur Michaël van de Poppe wrote in a post on X.
“All in all, a pretty strong bounce upwards. I want to see some consolidation here before we break through this resistance level.”
Analyzing exchange order-book liquidity, trader Daan Crypto Trades identified the area around $97,000 as a particular interest point for an upside target.
“The $97K-$98K is stacked after seeing that consistent and heavy sell off 1-2 weeks back. This created a ton of marginally lower highs, creating such a big liquidity pocket,” he told X followers alongside data from monitoring resource CoinGlass.
“The $97K-$98K area is also in line with a clear horizontal price level. So overall, a good area to watch.”
Van de Poppe added that he “wouldn’t mind” a retest of $88,000 first, describing the overall crypto bull cycle as “far from over.”
Bitcoin markets take “significant step” to recovery
Elsewhere, J. A. Maartunn, a contributor to onchain analytics platform CryptoQuant, had more good news for Bitcoin bulls.
Related: Death cross vs. $96K rebound: 5 things to know in Bitcoin this week
Spot markets were entering recovery mode, he announced, with taker cumulative volume delta (CVD) edging back to neutral from negative territory.
“That’s a significant step forward!” he commented.
As Cointelegraph reported, the negative spot taker CVD had formed one of multiple areas of concern for analysts at the start of November, while BTC/USD was still trading above $100,000.
“The Bitcoin market is showing clearer signs—across futures, spot, and on-chain data—that the recent “leveraged phase” is ending and longer-term capital is returning,” fellow CryptoQuant contributor XWIN Research Japan continued in one of its “Quicktake” blog posts Wednesday.
The post referenced CryptoQuant’s dedicated indicator covering retail investor activity on Bitcoin futures, now copying “past market turning points” by flipping green.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
