Bitcoin has risen again above $91,000, momentarily approaching the $92,000 mark. The question arises whether this is the beginning of a new upward momentum or just a technical bounce.
• BTC is rising along with expectations for a rate cut in December.
• Analysts believe that macroeconomics favors a return to a bull market.
Bitcoin is rising, but the market is still uncertain.
The price of bitcoin rebounded after recent declines and surpassed the $91,000 level. Despite the increases, analysts warn that technically this could still be a so-called dead cat bounce.
On the other hand, the macroeconomic situation works in favor of the bulls — according to CME FedWatch, the chance of a rate cut in December is 85%, and the quantitative tightening program of the Fed ends on December 1.
Ether is also rising, reaching around 3030 USD. Following it are the leading altcoins. Currently, there is a clash of two narratives in the market: supporters of the halving cycle theory and investors analyzing the impact of macroeconomics.
Rick Maeda from Presto Research points out that after clearing the market of excess long positions, cryptocurrencies had room for a rebound.
Jeff Ko from CoinEx adds that stable risk sentiment and growing expectations of rate cuts support liquidity. American indexes are also recording gains: Dow Jones +0.67%, Nasdaq +0.82%, S&P 500 +0.69%.
The market is clearly waking up — the question remains whether this is the beginning of a new impulse or merely a temporary relief after a wave of declines.
