After a sharp drop in early December, Bitcoin is rising again: as of December 3, the first cryptocurrency is trading just above $93,000 and has gained about 7% in a day. Against the backdrop of the growth of the main digital asset, the entire cryptocurrency market has also turned positive.
According to the Economic Times, on December 1, Bitcoin briefly fell to the $84,000 area, but within a few days it had recovered some of the decline. The most significant drop occurred in late November, when its price fell to $81,000. Analysts attribute the recovery to simple factors: some investors decided to buy the asset «at a discount» after a sharp decline, and the general mood in the market improved due to expectations of a rate cut in the US and stable trading volumes through Bitcoin exchange-traded funds (ETFs).
Along with Bitcoin, the entire crypto market capitalization is also growing, and in a day it rose by 6-7% and exceeded $3.1 trillion. This means that the movement is not limited to one coin: along with BTC, Ethereum and a number of other large tokens have entered the «green zone»
Some market analysts call the range from $94,000 to $98,000 the next important «step» for Bitcoin. If demand remains strong and the rate can consolidate above these levels, traders will talk about the return of confident growth. If buyers do not have enough strength, a new period of fluctuations in the range of $88–94 thousand without a clear direction is possible.
Bitcoin hit an all-time high above $120,000 in October, but then lost almost a third of its value due to profit-taking and withdrawals from crypto funds. Despite this, major banks and research firms describe the decline as a «post-bullish correction» rather than a full-blown collapse, and emphasize that as long as demand from funds persists, the crypto market remains in a long-term uptrend.
Previously, dev.ua wrote about how a number of media outlets related to crypto business reported that James Havells, who has been searching for a lost hard drive with a crypto wallet for 8,000 Bitcoin (currently worth about $950 million) for 12 years, has officially ended his search.
