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New Delhi: Bitcoin, the world's largest cryptocurrency, reached above $91,000 in nearly a week. It recorded some improvement after the last one month's decline. The rise in riskier assets and the calming down of the market are giving traders a chance to move prices up. During this time the stock market also went down. But, for the last 2-3 business days, it has been witnessing great glory. Whether it is the Indian market or the American market, both are closing with a green mark. In such a situation, the question now is whether Bitcoin will go back to its record. Let's understand this in detail.
Along with Bitcoin, other cryptocurrencies have also risen. Ethereum rose 3.75% in the last 24 hours and peaked above $3,000. Several big altcoins like XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid have also risen more than 4%. Bitcoin rose 4% to $90,460 on Wednesday, compared to a record high of $126,000 in early October. That means it is down about 28% from there. However, there was a slight decline on Thursday. But it's very small. Full chances of recovery are visible.
CoinSwitch Markets said that throughout the day BTC remained calm between $86,500 $87,500, but it reached $91,000 after a sudden sharp surge. This surge was due to short-squeeze. This has led to a 4.4% gain in Bitcoin in 24 hours. Also, investment in BTC ETF has increased in 2 days out of the last 4, which indicates that the interest of large companies and institutions is increasing again.
A slight recovery came after the fall in Bitcoin. New purchases and a better climate in the entire market supported this. According to Mudrex CEO Edul Patel, an estimated 18 million bitcoins were withdrawn from exchanges overnight, which is believed to increase the activity of large entities.
The trend of the crypto market remained the same as the stock market, because it is expected that the Federal Reserve may reduce interest rates soon. US unemployment claims remained lower than expected and the PPI also remained stable, which strengthened the Fed's expectation of a rate cut. WazirX said that due to the weakening of the Japanese currency yen, money may run out of risky assets. If Japan tightens the financial situation, then its effect can be seen. Although liquidity has improved a bit, there is not a very strong atmosphere in the beginning.
In a Mint report, Pi42 CEO Avinash Shekhar says that trust in traders is showing less. Prices are running within a limited range. Many people are waiting for a clear signal before taking a new position. He said that there is a vigilance in the market right now. Buyers do not have enough power to make a big breakout and even sellers are not able to take the price down too much. So the market is in a state of waiting. The next big move will probably depend on any big economic data, changes in liquidity or new signals from the derivatives market.
According to Mudrex's Edu Patel, Bitcoin could cross $95,000 if demand from small investors continues to grow like this. If you go above this level, the bullish momentum will become stronger and new heights can be seen. Rhea Sehgal, research analyst at Delta Exchange, said that Ethereum is trying to stay around $3,000 due to the Fed's expectation of lowering interest rates in December, ETF investments worth $96 million and growing institutional interest. If it gets above $3,130, it could go towards $3,400. Its strong support is below at $2,970.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver and crypto assets.)
