Joerg Hiller
Nov 20, 2025 05:52
Bitcoin climbs to $92,670.71 following the end of the US government shutdown, though BTC price remains below key moving averages amid mixed technical signals.
Quick Take
• BTC trading at $92,670.71 (up 2.9% in 24h)
• Government shutdown resolution boosting risk appetite across markets
• Bitcoin testing resistance near $93,160 daily high
• Crypto markets showing resilience despite broader tech stock weakness
Market Events Driving Bitcoin Price Movement
The resolution of the record-breaking US government shutdown on November 13th has provided a modest boost to risk assets, including Bitcoin. President Trump’s signing of the spending bill, which provides funding until January 30, 2026, removed a significant source of uncertainty that had been weighing on markets.
However, this positive development has been partially offset by sharp declines in US equity markets on November 14th. The S&P 500’s 1.6% drop and the Nasdaq’s 2.29% decline, driven by major tech selloffs including Tesla (-6%) and Nvidia (-3.5%), created a mixed backdrop for cryptocurrency trading.
Bitcoin’s 2.9% gain suggests the digital asset is trading somewhat independently from traditional risk assets in the near term, potentially benefiting from its perceived safe-haven characteristics during periods of equity market stress. The cryptocurrency’s ability to advance while tech stocks declined indicates investors may view BTC as a hedge against traditional market volatility.
BTC Technical Analysis: Testing Resistance Amid Bearish Momentum
Price Action Context
Bitcoin’s current position at $92,670.71 places it significantly below all major moving averages, with the BTC price trading 7.7% below the 7-day SMA of $93,407.62 and 19.2% below the 200-day SMA. This configuration indicates the cryptocurrency remains in a corrective phase despite today’s gains.
The daily trading range of $88,608 to $93,160 represents substantial volatility, with Bitcoin technical analysis showing the asset approaching the upper end of this range. Volume on Binance spot reached $2.9 billion, indicating strong institutional and retail participation.
Key Technical Indicators
The RSI reading of 32.17 suggests Bitcoin is approaching oversold territory but hasn’t reached extreme levels that typically signal reversal points. The MACD remains deeply negative at -4,641, with the histogram showing continued bearish momentum despite the recent price advance.
Bitcoin’s position at 0.1663 on the Bollinger Band %B indicator confirms the cryptocurrency is trading near the lower band, suggesting potential support but also indicating the ongoing weakness in the broader trend structure.
Critical Price Levels for Bitcoin Traders
Immediate Levels (24-48 hours)
• Resistance: $93,160 (today’s high and key psychological level)
• Support: $88,608 (today’s low and critical support zone)
Breakout/Breakdown Scenarios
A break above $93,160 could target the 7-day moving average at $93,408, while failure to hold $88,608 support opens the door to further downside toward the strong support level, also at $88,608, creating a critical make-or-break scenario for bulls.
BTC Correlation Analysis
Bitcoin’s performance today shows reduced correlation with equity markets, as the BTC price advanced while major tech indices declined significantly. This divergence suggests cryptocurrency markets may be operating on different fundamental drivers, including the sector’s own supply-demand dynamics and regulatory developments.
The resolution of the government shutdown appears to have had a more pronounced positive impact on Bitcoin than on traditional risk assets, possibly reflecting the cryptocurrency’s appeal during periods of fiscal uncertainty and political resolution.
Trading Outlook: Bitcoin Near-Term Prospects
Bullish Case
A sustained break above $93,160 resistance, coupled with improving RSI momentum, could target the 7-day moving average and potentially the $95,000 psychological level. Continued government stability and reduced political risk could support further upside.
Bearish Case
Failure to maintain momentum above current levels risks a retest of $88,608 support. A breakdown below this level could accelerate selling toward the next major support zone, with limited technical floor until the $85,000 area.
Risk Management
Given the 4% daily trading range, position sizing should account for elevated volatility. Tight stop-losses below $88,000 for long positions, while short-term traders should monitor the $93,500 level as a key resistance for any breakout attempts.
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