After dropping nearly 5% yesterday, Bitcoin has rebounded sharply today with a gain of about 4.5%. The price is currently up $3,892 at $90,200, after reaching a session high of $90,873. Today’s low at $86,190 followed yesterday’s deeper dip to $83,814 before buyers stepped in.
On the hourly chart—where the technicals turn quickest—the rebound has pushed the price back above the converged 100- and 200-hour moving averages at $89,108 and $89,253. Holding above those levels keeps the short-term bias tilted firmly toward the buyers.
The next upside target sits at the swing area from the November 20 and November 28 highs near $93,091. A break above that zone would open the door toward the 38.2% retracement of the October 27 decline, which comes in at $94,229.
Strategy (formally MicroStrategy - MSTR - and a Bitcoin accumulator) is up 5% today after falling to the lowest level since September 2024 yesterday.
At session lows, the price tested a trendline (see chart below and post from yesterday) and bounced. At the time, I wrote:
For MSTR it is trading above its low at $155.56, but is still down over 10% on the day. At session lows the price tested a trendline connecting lows from May and September 2024.That is the only positive from the stock chart below as it melts from it's all time high price of $543 reached in November 2024. Nevertheless, if the level holds, the buyers against the level can get on their knee's and hope for a bounce.
The price DID bounce.
Looking at the hourly chart, there is resistance at the 100 hour moving average currently at $193.26 (blue line on the chart below). Above that the 200 hour moving average up $231.46 (and moving lower) would be targeted (Green line on the chart below).
