Bitcoin price is struggling around $95,000 on Saturday, November 15th after showing some strength early in the weekend. The premier cryptocurrency appears to be showing signs of a possible rebound in the coming days, according to a prominent analyst at social media platform X.
Will BTC price return to $110,000?
In a November 15 post on X, market analyst Burak Kesmeci shared that Bitcoin price is showing signs of recovery based on various technical indicators. In his analysis, Keshmeshi considered the possibility of BTC rising to $110,000 and the risk of it falling to $85,000.
First, Kesmeci analyzed the Bitcoin Fear (VIX) score, a technical indicator that measures market volatility and fear. According to data provided by analysts, the indicator has remained above the key 16.50 level for two consecutive days for the first time in 250 days, suggesting the existence of a buying opportunity.
However, Kezmeshi also emphasized that this signal does not automatically confirm a price rebound for major cryptocurrencies from the current moment. If the VIX indicator continues to fall in the oversold zone, this buy signal may persist and become even stronger.
The cryptocurrency analyst noted that Bitcoin price reacted slightly to the daily relative strength index (RSI) falling to 30, indicating oversold territory. However, Kesmesi said this RSI movement would bring little excitement unless there is a positive divergence where the RSI cuts higher lows and prices lower lower lows.
Additionally, Kesmeci looked at the Fixed Range Volume Profile (FRVP) and said there is a small gap between $95,000 and $85,000 with no volume. According to the cryptocurrency analyst, if the closing price falls below $95,000, Bitcoin price could fall to $85,000 in one candlestick to close the FRVP gap.
Kesmesi then hypothesized that holding above $95,000 could mean Bitcoin is taking a break and increasing volume. As current data suggests that market makers are opting to defend $95,000, crypto experts believe BTC could enjoy a reactionary rally towards the true decision zone of $110,000.
Bitcoin price overview
As of this writing, the price of BTC is around $95,076 with no significant movement in the past 24 hours.
Featured image from iStock, chart from TradingView
