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Bitcoin prices rose above $93,000 again in Asian trading on Wednesday morning, just two days after falling to $84,000 amid a strong wave of liquidations.
Bitcoin price managed to recoup all losses, hit important resistance levels and revive the market which had resumed its bullish trend.
Analyst Dan Crypto Trades pointed out that recent monthly trends usually confirm that declines have been broken, but leave no obvious traces.
Total market capitalization is back to June levels, showing strength on the lower time frames, while December needs to form rising peaks and troughs to confirm improvement.
The tokens currently have a market capitalization of $3.2 trillion, about 27% below their October peak.
Glassnode said a significant amount of short liquidation has occurred, which could push prices higher by adding momentum.
While analysts such as “Psychodelic” believe a recent decline is needed before a rebound, an analyst nicknamed “Cryptocon” described the rise as a bearish trap and emphasized that the end of bear markets often takes a long time.
The rise in Bitcoin prices has also supported gains in Ethereum, which is back above $3,000, while some altcoins have recorded significant gains, such as Solana (+10%), Cardano (+12.5%), and Link (+15%), although most of them are still seriously down compared to the previous month.
Also read:
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