Bitcoin Bounces To Seven-day Highs, But Can BTC Break $95k On...

Bitcoin remained below key support levels as traders hoped the rally could achieve the highest-ever Thanksgiving Day close for BTC price.

Bitcoin (BTC) rallied 13% from multimonth lows at $80,000, reclaiming the $90,000 mark on Wednesday. This move came as a surprise as BTC staged a pre-holiday rally, increasing hopes of a continued upward move going into Thanksgiving weekend.

Bitcoin stages a pre-Thanksgiving rally and seeks to defy its historical average return of -0.8% during the holiday.

Bitcoin must reclaim $100,000-$105,000 to avoid a potential breakdown below $80,000.

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair trading at $91,400 on Thursday, after it had climbed more than 5% on Wednesday.

“Look, we just had a bullish Wednesday too,” said Capriole Investments founder Charles Edwards, referring to a previous analysis showing the Wednesday before Thanksgiving is always bullish, followed by a bearish Thursday.

Related: Bearish Bitcoin mining data may be counter signal that encourages spot-driven BTC rally.

Traders said they hoped Bitcoin would continue rising higher into the holiday, bucking the trend of its previous performance on Thanksgiving Day.

Bitcoin has experienced gains on this day in only two out of the last 10 years, with large-scale declines particularly notable in 2018 and 2020. The average return is -0.8%, according to analyst Crypto Daan Trades.

Other analysts were focused on how high Bitcoin’s price could go during this year’s Thanksgiving, as it traded 4% below its highest ever close above $95,000, reached on Nov. 28, 2024.

Source: CoinTelegraph