Bitcoin (BTC) Market Rebounds, Surpassing the $94,000 Mark, Signaling Potential Retest of the $100,000 Level

Bitcoin (BTC) market rebounds, surpassing the $94,000 mark, signaling potential retest of the $100,000 level.

Bitcoin price analysis reveals a strong defense of the $90K level by buyers.

Bitcoin price showed a strong defense of the $90K level on Monday, displaying resilience in the face of recent dips. The world’s largest cryptocurrency began the day at a low of $91,203. From there, BTC price slowly climbed, reaching highs of $94,363 by the early hours of Tuesday. At the time of writing, Bitcoin is trading hands at $93,833, a marginal increase of less than 1% from the previous day’s open.

A closer look at the price chart reveals that BTC price encountered strong selling pressure at the moving averages. This activity, coupled with the failure to breach the downtrend line, raises the possibility of a downturn. However, if the bulls manage to sustain the upward trajectory, the cryptocurrency could be poised for another attempt at the $100K level. A sustained move above the downtrend line could see Bitcoin price heading towards $102,725 and even $108,353.

On the other hand, if the bulls fail to sustain the upward trajectory, risks of a downturn are present. This scenario could see Bitcoin price sliding towards the 200-day SMA at around $85,463. Further losses could then bring the cryptocurrency back to the demand zone, ranging from $80,667 to $84,863.

Crypto market overview

Total market cap now stands at $3.4 trillion, marking a slight increase from the previous day’s figures.

Bitcoin dominance also saw a minimal rise, now accounting for 42.3% of the total market cap, while altcoins claim the remaining 57.7%.

The Fear and Greed Index remained largely unchanged, still indicating “Extreme Greed.”

Among the top 10 coins, Ether (ETH) closed Monday with the highest gains of 2.2%, followed by XRP and BNB, which saw increases of 1.4% and 0.7%, respectively. Solana (SOL) also performed well, adding on 1.2% to its value.

On the other hand, Dogecoin (DOGE) and Cardano (ADA) experienced the steepest losses, closing the day down by 1.1% and 0.8%, respectively. Both XEM and CRV also saw slight decreases.

A survey by Bitwise, conducted among 430 financial advisors from November 14 to December 20, revealed that a majority of respondents are more inclined to invest in cryptocurrency by 2025, following Donald Trump’s presidential election victory. The survey also found that 99% of those currently investing in crypto plan to maintain or increase their crypto investments this year.

Meanwhile, Real Vision CEO Raoul Pal anticipates a market phase where prices go up significantly, followed by consolidation. He also adds that there will be a lot of people getting liquidated on both sides.