This move pushed some short traders out of their positions for a short time. But the rise did not last long. The price could not pass the strong level that has held it back for almost three weeks. After that Bitcoin slowly moved down and started to trade near ninety thousand again. The whole market felt weak even after the recent interest rate cut from the central bank.
Bitcoin traded near ninety thousand two hundred and dropped more than two percent in one day. Ether fell to a little above three thousand two hundred after losing more than three percent. Solana also moved down to around one hundred and thirty-one with a fall of more than five percent. Dogecoin slipped as well with a drop of more than five percent. Many other big tokens showed red numbers through the week. XRP, ADA, and BNB also showed losses in the past seven days.
The market reaction came after the short jump above ninety-four thousand five hundred on Tuesday. That move caused a small short squeeze, but it still failed to break the main wall that has stopped Bitcoin again and again in recent weeks. After the rejection, the price returned to the middle of its month-long zone. This area has thin activity and weak depth, which means prices can move quickly when big orders appear.
Some analysts still see a small pattern of higher points since late November, but they also say that real growth needs a bigger jump in total market value. The full market value is a little above three trillion right now. To confirm strong growth, it needs to reach above three point three trillion.
Leverage played a big part in the fall on Thursday. Many long positions were closed by force as the price dropped. Data showed that long traders lost much more than short traders in the last twenty-four hours. This happened as Bitcoin moved below its short trend line and caused more selling.
Wider market factors also did not offer support. The central bank cut interest rates again, but the members of the bank were not fully in agreement about future cuts. They signaled fewer cuts in the next two years. This uncertainty made traders less confident.
Some trading groups have told their users to expect Bitcoin to move in a wide band from eighty-four thousand to one hundred thousand until the year ends. They feel that lower activity and uneven positions can cause this broad range. Other analysts warned that a holiday rally may not appear this time. They said Bitcoin could even finish the year under eighty-four thousand.
Right now traders are watching the support area near ninety to ninety-one thousand. This level has been tested many times in the past month. If the price breaks below this area, the lower end of the range may appear again. If the price stays steady, then another try at ninety-four thousand could happen soon as the market finds balance again.
More than five hundred million in high-risk positions were removed in one day. This added more pressure to major coins like Ether and Solana. For the moment the whole market is trying to find a calm point where it can build the next move in a clear direction. $BTC
