Bitcoin is hovering around $91.5k after a sharp decline. Analysts point to bullish divergence, key levels and on-chain data hinting at a rally to $116,000.
Bitcoin price has seen better days as it failed to reclaim the $90,000 level despite a price rally to $92,000 earlier today and is now below it for the third time this week.
Some technical signals now suggest a reversal could occur after the massive crash of the past few weeks. Analysts are monitoring major confirmation signals, with recovery targets as high as $116,000.
Momentum divergence appears on the 4-hour chart
Javon Marks, a market analyst, shared a chart showing a steady bullish divergence on Bitcoin’s 4-hour time frame. The asset continues to print lower lows, but the momentum oscillator does the opposite: forming higher lows. This trend often signals a shift in pressure from sellers to buyers.
$BTC continues to maintain a huge, steady bullish divergence with momentum oscillators.
The data suggests a recovery of more than $116,000. pic.twitter.com/r32XVn2VyE
– JAVON⚡️BRANDS (@JavonTM1) November 19, 2025
Bitcoin is hovering around $89,000 at press time, down 1% on the day. Over the past seven days, the asset has fallen 13%. If the momentum continues, Marks says a rally could extend beyond $116,000. Price would first need to move above key short-term resistance levels to validate the pattern.
Resistance at $93,100 is a key test
Lennaert Snyder notes that Bitcoin found support at $88,900 and has since rebounded towards $93,100, where it is currently testing this level. So far, that move has resulted in sales. Snyder says he remains biased to the short term unless the price can close above $93,100. If that happens, he sees the possibility of a push towards $95,600.
He also presented a second possible path. If Bitcoin comes back to sweep the lows of $88,900 and shows a strong rebound streak, it could be a sign of a bottom.
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“I prefer a strong streak at the bottom and a reversal afterward,” he posted.
With US NFP data expected, market volatility may increase. Additionally, Titan of Crypto highlighted a recurring pattern that resembles the 2021-2022 cycle. In both cases, a bearish divergence marked a local top, followed by a hidden bullish divergence. This trend is developing again, as price trades within a fair value gap and above ascending trend support.
Another analyst, EGRAG Crypto, added that Bitcoin is currently testing the 21-month EMA. He said BTC has never entered a bear market without closing a full monthly candle below this line.
“Holding 21 EMA = Bull market continues,” he said.
Past cycles have used this level as a springboard to the upside.
On-Chain Loss Data Repeats Past Patterns
Bitcoin’s realized loss margin fell to -16%, as CryptoPotato reported. This figure tracks the average losses made by sellers. In previous cycles, similar declines below -12% often appeared near market lows. The current reading suggests that many traders are exiting positions deep in the red.
Meanwhile, the realized price of Bitcoin sits near $114,000. This gap shows the extent of the latent losses. If historical trends repeat, this could support a recovery in the coming weeks. Broader macroeconomic trends, including rising yields in Japan and stress at U.S. banks, also reinforce the market’s current caution.
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