CoinVoice has learned that, according to the latest market insights, FxPro Senior Market Analyst Alex Kuptsikevich stated that since November 21, BTC has shown a trend of gradually rising local highs and lows. However, to confirm that the rebound marks the beginning of capitalized growth, the total market value needs to break through $3.32 trillion. Currently, the global cryptocurrency market capitalization is approximately $3.16 trillion, up 2.5% from the beginning of the week, but still below the previous high of $3.21 trillion.
According to CoinGlass data, leverage is the main reason for the decline in BTC prices. In the past 24 hours, $376 million in long positions have been forcibly liquidated, nearly three times the amount of short liquidations. Despite the Federal Reserve announcing another interest rate cut on Wednesday, expectations of fewer rate cuts in the next two years have limited market support.
QCP Capital expects that before the end of the year, the BTC trading range will fluctuate between $84,000 and $100,000, while Bloomberg analyst Mike McGlone warned that the new 'Santa Claus rally' may not occur, with BTC potentially ending the year below $84,000. Currently, the market is focused on whether BTC can hold the support zone of $90,000-$91,000; if it fails to hold, it may test the bottom of the current range, while stabilization could challenge the resistance level of $94,000. [Original link]
