Bitcoin Rebounds Above $90K but Market Recovery Remains Uncertain

After a two-week slump, the Bitcoin price curve is trending upwards again and has surpassed the $90,000 mark. Altcoins like Ethereum, XRP, and Solana are also turning positive. Is this trend sustainable?

Bitcoin, with a daily gain of 4 percent, is demonstrating a shift in sentiment, temporarily halting a series of significant price declines that has lasted for over two weeks. With prices around $91,000, Bitcoin has currently found a level that alleviates fears of a further crash. Ethereum has also managed to stabilize positively around $3,000. XRP (Ripple) and Solana are following the trend and recording minor gains. An overview:

Analysts remain cautious about whether Bitcoin can expect a rally at the end of the year. The QCP Group, for example, writes on X that the situation has short-term upside potential to around $95,000. On the downside, QCP identifies support levels for BTC in the region between $80,000 and $82,000. Large and influential market participants are now in charge and will determine the direction of Bitcoin’s price development.

Bitcoin ETFs in the US reflect the investment behavior of institutions and are therefore often seen as trendsetting. According to SoSo , with an inflow of $21 million, Bitcoin ETFs did post positive results yesterday. However, these results are modest compared to the nearly $120 billion in BTC held in Bitcoin ETFs. US stock exchanges are closed today for Thanksgiving, temporarily removing Bitcoin ETFs from trading.

Ethereum ETFs are also showing signs of life with their $61 million capital inflow yesterday. Nearly $19 billion in ETH is now held by Ethereum ETFs, making recent gains compared to Bitcoin appear more significant. The Fusaka upgrade is scheduled to be rolled out to Ethereum next Wednesday (December 3rd) , potentially driving the price increase.

– The new ETFs for Solana and XRP (Ripple) have been impressive so far. After a brief dip below $2, XRP is now holding steady at around $2.20, while Solana is currently holding steady at the $140 mark. Will that be enough for a breakout to the upside?

Cardano (ADA) has fallen to a yearly low of around $0.43 and is now facing the prospect of losing its place among the top ten cryptocurrencies by market capitalization. The significant split of the Cardano blockchain continues to reverberate and highlights the lack of activity within the ADA ecosystem. Meanwhile, Cardano founder Charles Hoskinson has gone so far as to claim on X that he is developing “decentralized central banks” and rebuilding Wall Street on the blockchain – a claim that has drawn considerable ridicule.

Conclusion: Bitcoin on Thanksgiving – usually a slow trading day

Whether Bitcoin has truly weathered the worst and can return to its former strength will likely only become clear next week. In the US, Thanksgiving is often used for a long weekend, and many traders take a break.

Analysts at CryptoQuant point out in their report, “Large Players Are Sending Increasing Amounts of Bitcoin,” that unusually large amounts of Bitcoin and Ethereum are currently being transferred to cryptocurrency exchanges, suggesting continued selling pressure. XRP, Solana, and other popular altcoins must therefore remain on edge, while Bitcoin Plus appears fragile and awaits confirmation.

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