Technical analysis by Sanhara about Symbol BTC: Buy recommendation (11/23/2024)

Bitcoin (BTC/USDT) is currently trading at $98,454, consolidating within a well-defined ascending channel. After a strong rally, BTC has tested the upper boundary of the channel but faced resistance, leading to a slight retracement.Key Technical Highlights:Support Zone: The lower boundary of the channel, around $96,000-$96,200, continues to provide robust support, as marked by multiple rebounds.Resistance Zone: The upper boundary near $100,000 acts as the immediate resistance. A breakout above this level could pave the way for further gains, potentially targeting $102,000 and beyond.Possible Scenarios:Bullish Breakout: If Bitcoin breaks above the $100,000 resistance, it could trigger a fresh wave of buying, propelling the price toward the upper levels of the channel.Pullback: A failure to break the resistance may lead to a pullback toward the $96,000-$96,200 support zone, offering potential re-entry points for buyers.