Bitcoin (BTC) has been consolidating above the $90,000 support zone for the last ten days, reaching its latest all-time high (ATH) of $99,645 about a week ago. Since then, the cryptocurrency has closed below a short-term downtrend line, failing to break above it and potentially risking a drop to two-week lows.

Bitcoin Faces ‘Moment Of Truth’

Bitcoin is having one of the best months in the cryptocurrency’s recent history, jumping over 47% from its monthly opening to its latest ATH. Since November 18, BTC has been moving within the $90,000-$99,000 price range, holding above the lowest range zone despite the recent retraces.

After surpassing the $99,000 level twice, the ongoing rally has fueled investors’ optimism about achieving the potential run to the $100,000 milestone this month. However, the flagship crypto has been facing rejection from a Lower High resistance line for the last week.

Crypto analyst Rekt Capital pointed out that Bitcoin has been closing daily below a one-week Lower High trendline. To the analyst, this resistance marks a “moment of truth” as a daily close above it could send BTC toward the $100,000 mark.

However, continuing to close below it risks a “likely reject at the trendline resistance once again.” Despite hitting the $97,000 mark yesterday, BTC closed Wednesday around $95,300 for the seventh day. Bitcoin must close Thursday above the $97,000 level to break out from the trendline.

The analyst noted that this trendline could be “a point of rejection again for Bitcoin For as long as it is a resistance,” adding that investors “could see lower range levels again.”

November To Close With A Near 40% Rally

Crypto analyst Ali Martinez noted that one key demand zone for Bitcoin is the $93,580 mark, as 667,000 addresses bought nearly 504,000 BTC at this price. Martinez warned that staying above this level “is a must” to prevent these holders from selling off.

Moreover, the analyst’s chart highlighted that the biggest resistance level ahead is the $96,614 mark, where 155,000 addressed purchased 297,000 BTC.

Martinez also suggested BTC could bounce to the range highs, fueled by Thanksgiving Day. It’s worth noting that, throughout the years, Bitcoin has recorded violent price swings around this holiday, like 2020’s “Thanksgiving Day Massacre,” which saw BTC record a 17% price drop within hours.

The analyst shared that Bitcoin has been moving within a one-day bullish falling wedge, retesting the lower range as support and bouncing in the morning. To him, a successful breakout from this formation could trigger a rebound to $99,000.

BTC currently records a 36.6% monthly return, according to data from Coinglass, with the potential to see further gains in November’s last two days. Nonetheless, November will seemingly close as this year’s second-best month, setting the stage for a massive rally in December.

As of this writing, BTC is trading at $95,135, a 1% drop in the last 24 hours.

VeChain (VET) is currently outperforming the top 10 cryptocurrencies by market cap in almost every time frame. The asset’s price has risen 0.7% in the daily charts, 27.5% in the weekly charts, 70% in the 14-day charts, and 85.6% over the previous month. VET’s price has also increased by 92.5% since late November 2023. Bitcoin (BTC), on the other hand, has dipped by 3.4% in the last week and Solana (SOL) has fallen by 7.9% in the same time frame.

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Why is Bitcoin Dipping?

BTC’s latest dip could be due to increased volatility over the last week. The asset briefly fell to below $91,000. BTC has since recovered the $95,000 mark and may continue to rally over the next few weeks. VET, on the other hand, has experienced some gains.

The dip may have been triggered by investors booking profits after Bitcoin (BTC) hit an all-time high of $99,645.39 on Nov. 22, 2024. Investors may have redirected their funds into other assets, such as VeChain (VET).

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Can VeChain Hit $0.01 Soon?

According to CoinCodex, VET’s price may dip over the next few weeks. Despite the bearish short-term outlook, the platform anticipates the asset to rally early next year. CoinCodex predicts VET will trade at $0.077 on Feb. 15, 2025.

Changelly, on the other hand, is slightly bullish on VeChain (VET). The platform anticipates the asset to breach the 1-cent mark in December 2024. According to Changelly’s analysis, VET could hit $0.02 in January 2024.

Also Read: Dogwifhat Price Prediction For December: Is WIF Worth The Hype?

Many analysts anticipate Bitcoin (BTC) to breach the $100,000 mark before 2025. If BTC hits $100,000 we may witness a market-wide rally. In such a scenario, VET’s price may skyrocket. The asset could even reclaim its all-time high of $0.281.