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Bitcoin’s attempt to recover last weekend briefly saw it rise above $93,000 by the week’s end. This level turned out to be a strong resistance as Bitcoin $90,693 failed to maintain its position, quickly dropping below $90,000 with heavy selling. Within hours, Bitcoin’s price retracted by nearly $3,000, with the altcoin market following suit, turning predominantly red. Many major altcoins experienced daily losses, leading the total cryptocurrency market value to decrease by over $50 billion in a single day.
Bitcoin Stagnates at the $93,000 Threshold
The past two weeks have been notably turbulent for Bitcoin. A substantial sell-off on November 21 dragged its price below $82,000, a low not seen since April. Experiencing a loss of roughly $25,000 in just ten days, panic reached its peak. However, buyers intervened, finding strong support around the $80,000 mark.
Following this, Bitcoin’s price stabilized around $84,000 due to initial buying responses. As the week progressed, buying activity noticeably increased, prompting Bitcoin to test the $88,000 resistance multiple times. By Wednesday evening, it had surpassed this level, reaching $90,000. The momentum continued on Thursday and Friday as Bitcoin exceeded $93,000, yet soon succumbed to renewed selling pressure, dropping back to about $90,300.
Despite these fluctuations, Bitcoin’s total market capitalization remains above $1.8 trillion, with altcoin market dominance at 57%. Technical analysts emphasize that without sustained closures above $93,000, a clear bullish trend may not materialize.
Altcoins Suffer Sharp Declines with Mixed Performances
Bitcoin’s fallback impacted the altcoin market directly. Ethereum $2,997 faced the risk of dropping below $3,000 again, while XRP fell below $2.40. Solana $137 and Cardano $0.41856 lost between 3% to 4% daily, while altcoins like PUMP, SHIB, and HASH faced even steeper losses.
Recently prominent, Pi Network’s PI token lost its upward momentum, dropping by 7% in 24 hours to fall below $0.25. Despite the overall market negativity, certain tokens showed strong divergence. The M token surged by over 16% daily, while Quant (QNT) saw around an 8% increase.
These fluctuations led to the cryptocurrency market’s total value dropping from $3.22 trillion to $3.17 trillion. Approximately $50 billion vanished in just one day.
These market oscillations correlate with recent shifts in capital flows into U.S. spot Bitcoin ETFs. Recent data highlights alternating strong inflows and significant outflows, indicating a cautious stance among institutional investors.
Ultimately, Bitcoin’s unsuccessful attempt at $93,000 suggests that a definitive bullish trend has yet to begin. In the short term, the $88,000 to $90,000 range is a critical support zone that, if breached, could accelerate selling pressure. Meanwhile, ETF trends and macroeconomic factors will continue to play a crucial role in determining market direction in the coming days.
