Bitcoin has reclaimed the $91,000 price level after its recent descent to the $82,000 mark. According to CoinGecko’s Bitcoin data, BTC’s price has rallied 4.5% in the last 24 hours. Despite the rally in the daily charts, Bitcoin is still down 1.4% in the weekly charts, 10.8% in the 14-day charts, 20% over the previous month, and 1.8% since November 2024. Let’s discuss what’s pushing BTC’s price, and if the rally can sustain itself.
Why is Bitcoin Rallying? Will It Continue?
Bitcoin (BTC) began its upward movement on Wednesday, in tandem with the stock market, which also registered strong gains. The rally could be a pre-Thanksgiving pump, before the long weekend. The stock market may have experienced a renewed boost for AI, with Oracle rallying 4%. BTC and the stock market correlation may have led to the crypto market following suit.
Given that the stock market will be closed on Thursday for Thanksgiving, the day after may not see much business activity. Given the long holiday, the crypto market could consolidate around current prices. Bitcoin (BTC) could maintain the $91,000 price level till Monday, Dec. 1. Monday may see some volatility. BTC’s price could face further correction if investor sentiment is low. On the other hand, if investor sentiment is high, BTC could continue its upward ascent.
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Bitcoin (BTC) faced its worst November this year. The market crash was significant, given that we had the biggest single-day liquidation event in crypto history in October. The liqudiations were also quite quick. However, given the recent turnaround, market participants could see renewed interest in crypto assets. Many investors are also buying the dip, leading to substantial relief in the market.
The crypto market is still plagued by volatility. Prices could pivot in any direction. How Bitcoin (BTC) performs over the coming days is yet to be seen.