Bitcoin has climbed back above $90,000 for the first time in more than a week, offering traders a brief break after a rocky month that saw the cryptocurrency lose over 20% of its value.
BTC traded near $91,600 late Thursday night, up more than 5% in 24 hours and on pace for a roughly 7.5% weekly gain, per MarketWatch. This marks a sharp turnaround from the lows near $82,000 earlier this month.
Other big coins in the crypto market also saw strong recoveries.
Total market value shifted back toward $3.1 trillion as Ethereum gained about 4%, Solana nearly 4%, and XRP roughly 1%, per Barrons. The rebounds took place while U.S. stock markets were closed for Thanksgiving.
Stocks had posted their strongest four-day rally since May ahead of the holiday, yet Bitcoin, interestingly, continued to rise without the usual boost from traditional markets.
The rebound for some of crypto’s biggest coins follows a rough November in which nearly $1 trillion in crypto value vanished, as previously reported by The Dallas Express.
Bitcoin suffered its worst monthly slide since 2019, dropping about 21% from its early-October high above $126,000. A mix of pressures drove the drop-off, including a stronger-than-expected American jobs report that curbed expectations for quick Federal Reserve rate cuts, as well as heavy withdrawals from Bitcoin exchange-traded funds.
Nearly $2 billion in total “positions” were liquidated during that slide, impacting more than 400,000 crypto accounts.
The dip revived heated debate over Bitcoin’s role as a “safe haven” asset, especially given that it is now down about 7% for the year, lagging behind gold, bonds, and even short-term treasuries.
Still, the latest bounce has traders watching for a potential turning point.
Historical trends suggest Bitcoin often finds a floor around late November before gaining strength into year-end. If those patterns hold, analysts say the next test lies in the $93,000 to $96,000 range, with a path toward $100,000 possible if momentum builds, according to MarketWatch.
Online sentiment has shifted from last week’s bitcoin panic to some cautious optimism, but the recovery remains fragile.
Reuters reports that polling still gives Bitcoin an even chance of finishing the year below $90,000, and upcoming inflation data may determine whether this rebound lasts. However, other finance experts continue to remind investors of the volatility of cryptocurrencies.
For now, Bitcoin’s move back above $90,000 offers a temporary reset after a tough month.