Bitcoin Price Edges Up As BTC Faces Worst November In 7 Years, CME Group Suspends Trading

The Bitcoin price edged up a fraction of a percent in the past 24 hours to trade at $91,480 as of 2:29 a.m. EST on trading volume that plunged 32% to $51.4 billion.

BTC is still down almost 17% so far this month, as it heads for its worst performance in November since 2019. A year before that, Bitcoin slumped 36.5%, according to Coinglass data.

Meanwhile, Sumit Kapoor, a crypto educator, noted that, “Every time Bitcoin has had a red November, December has also ended red.”

In another development, CME Group temporarily suspended trading across its Globex platform after a cooling failure at a CyrusOne data center. It hit late on November 27 in US time and continued into Asian trading hours on November 28.

The suspension disrupted financial markets across various sectors, including benchmarks tied to the S&P 500 and the Nasdaq 100. BTC and ETH futures also went offline. CME has confirmed that it is working to restore full operations.

Bitcoin Price Shows Signs Of A Recovery Above Key Resistances

The BTC price, after a drop from the $108,000 level in February, found support around the $79,000 level between March and April.

This area enabled Bitcoin’s price to soar, breaching several key Fibonacci retracement levels. The surge pushed the price of BTC to an all-time high (ATH) of around $126,000.

However, after hitting this resistance level (0 Fib level), Bitcoin then corrected, dropping further below the 0.786 Fib zone to around $80,500.

This level is now acting as a cushion against downward pressure, with buyers stepping in to push the largest cryptocurrency by market capitalization towards the 0.618 Fib level ($93,778), which now serves as the immediate resistance.

The drop from the ATH allowed the BTC price to break below the 50-day Simple Moving Average (SMA) ($110,848). Meanwhile, with the recovery now set, Bitcoin has crossed above the 200-day SMA ($88,223), a sign that BTC could be poised for a sustained recovery on the 3-day chart.

Moreover, the Relative Strength Index (RSI) is also on the verge of a retracement, as the indicator is recovering from the 30-oversold region, currently at 36, and still climbing. This suggests buyers may be stepping in to regain control, which could be a bullish signal.

BTC/USD Chart Analysis Source: GeckoTerminal

BTC Price Prediction

According to the BTC/USD chart analysis on the 3-day timeframe, Bitcoin is gearing up for a sustained recovery, given the surge above the 200-day SMA and the upcoming RSI.

If the surge continues and the BTC price regains the $93,778 level (0.618 Fib level), the bulls could push the asset even further, targeting prices above the $100,000 zone, a previous support area.

Conversely, if the bears breach the $85,016 downside level, the price of Bitcoin could drop further to the support area around $73,855.

Ali Martinez, an influential analyst with over 163k followers on X, says that the $84,570 level is a key area to watch on the downside, and the $112,340 area on the upside.

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