Bitcoin Price Analysis For November 16

Bitcoin (BTC) is currently trading at $95,359, down nearly 1% over the last 24 hours, according to CoinStats. The analysis, published November 16, reflects a cautious outlook based on observed market trends.

On the hourly chart, the BTC/USD price shows neither strong support nor resistance, suggesting a low probability of significant price swings in the near term. The current trend indicates sellers hold more power than buyers.

Looking at a broader timeframe, if a price recovery does not occur, traders may witness a breakout of a key level, potentially leading to a further decline to the $92,000-$93,000 range within the coming days.

From a mid-term perspective, buyers have not yet demonstrated the ability to take control of the market. Consequently, a correction towards the $88,772 support level is a possibility before the month concludes.

This analysis reflects opinions of the writer and does not represent the views of U.Today. U.Today is not responsible for financial losses incurred while trading cryptocurrencies. Readers are advised to conduct their own research and consult financial experts before making investment decisions. All content is accurate as of the date of publication, but offers mentioned may no longer be available.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.