Bitcoin's price consolidated after reaching new all-time highs, but analysts caution that losing crucial support levels could hinder its upward momentum. On November 15, BTC briefly dipped below $87,000 before finding support. The recent US inflation data, including the October Producer Price Index (PPI), showed a rise in inflationary pressures, leading to concerns about the Federal Reserve's interest rate policy.

Traders closely monitored the $87,000 support area, with some suggesting that a retest of support at $86,000 could provide insights into the sustainability of the rally towards $100,000. Meanwhile, others argued that a pullback to the mid-$80,000 range could be beneficial for Bitcoin's long-term strength.

To reach $100,000 by Thanksgiving on November 28, Bitcoin would need to maintain a rising short-term trend line. Failure to hold this support could lead to a drop towards the $75,000 - $76,000 range. Show Less