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What to Know:
- Bitcoin holds above $91,000
- Crypto markets show low volatility
- Sentiment improves from extreme fear
Bitcoin has maintained its position above $91,000, with crypto markets experiencing minimal fluctuations over the past 24 hours. This stability is a reflection of the low volatility that characterized the market following the Thanksgiving holiday in the United States. Despite this, sentiment has shown a notable improvement from last week’s lows, with the index rising to 22, indicating a slight increase in buyer activity across major cryptocurrencies.
According to Alex Kuptsikevich, an analyst at FxPro, Bitcoin’s ability to hold above $91,000 opens the door for a potential move towards $100,000 in the coming sessions. "The recovery in Bitcoin has led to a rise in the 7-day highs, with the cryptocurrency reclaiming the 61.8% Fibonacci retracement level of the collapse from November 11th to 21st," Kuptsikevich explained. "If the momentum is sustained, we can expect a price increase to the $100,000 level soon, with a potential attempt to break through an even more significant round level."
Some analysts have framed the recent 30% correction from the highs as a potential long-term entry point. K33 Research notes that Bitcoin has underperformed the Nasdaq in 70% of trading sessions over the past month, a deviation that has only occurred a handful of times since 2020, typically near local inflection points. Additionally, Deribit flow shows large traders leaning towards upside structures in the $100,000-$118,000 range, while expressing skepticism about Bitcoin’s ability to clear the $120,000 area without a clearer macro catalyst.
In other news, Tether has faced renewed scrutiny after S&P Global Ratings downgraded USDT to "weak," citing the stablecoin’s exposure to riskier asset classes, including Bitcoin, gold, and corporate credit. This development comes as the issuer disclosed its reserves now include 116 tonnes of gold, comparable to the national holdings of Hungary or Greece, highlighting a trend of stablecoin operators diversifying their collateral mixes as supply continues to surge.
Altcoins have remained sluggish but are beginning to reflect the improving risk tone as sentiment lifts from extreme fear and liquidity rotates out of defensive positioning. Among majors, Ether slipped 0.4% to $3,023, while XRP fell 0.8% to $2.20, despite outperforming on the weekly timeframe with over 10% gains. BNB added 0.3% on the day to $897, while Solana dropped 2% to $140 after a strong weekly run.
The recent stability in Bitcoin and improving sentiment in the market may have significant implications for the cryptocurrency’s future price movements. As the market continues to navigate the current landscape, investors will be closely watching for any signs of a potential breakout or breakdown. With the cryptocurrency market’s history of volatility, it remains to be seen whether Bitcoin will be able to sustain its current momentum and push towards the $100,000 level.
