Analyst: Bitcoin Key Support at $83,680, Resistance Near $88,000

On November 26th, Coindesk analyst Omkar Godbole stated that the first key resistance level for Bitcoin is the 200-hour simple moving average (SMA), which is currently around $88,000. Since Monday, this level has been acting as a resistance to the upward movement of the price, capping the upward momentum. The next resistance level to pay attention to is in the range of $98,000 to $99,000. This zone has repeatedly capped the intraday lows earlier this month and in June of this year. Furthermore, the most critical support level is around $83,680, where the 100-week SMA intersects with the macro bullish trendline. A break below this level would send a clear risk signal, confirming a recent bearish shift and potentially leading to a deeper decline. The next downside support level is around $74,500. At this level, the selling pressure weakened in early April, setting the stage for subsequent price rebounds.