Bitcoin (BTC) Price Prediction for November 12

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Bulls remain more powerful than bears, according to CoinStats.

BTC chart by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has again reached a new all-time high, rising by more than 10% over the last day.

Image by TradingView

On the hourly chart, the price of BTC has made a false breakout of the local resistance of $89,909. If the rate keeps going down, one can expect a correction to the $87,000-$88,000 zone by tomorrow.

Image by TradingView

On the bigger time frame, the rate of the main crypto has also bounced off of yesterday's bar peak of $89,643. If the candle closes far from the psychological zone of $90,000, bears may seize the initiative, which may lead to a drop to the $82,000 area.

Image by TradingView

A more positive picture can be seen on the weekly chart. Here traders should focus on the candle's closure in terms of its peak.

If it happens around the current prices and with no long wick, the upward move may continue to $100,000.

Bitcoin is trading at $89,130 at press time.