$93K And Climbing: Analysts Say Bitcoin’s Push To $100K Has Begun
Overview
Bitcoin has made a significant rebound, climbing back above key levels, particularly surpassing $93,000 after previously dipping to $84,400 earlier this month. This upward movement follows a notable sell-off that saw a substantial decline in its price over the weekend.
Bitcoin Climbs Above Key Levels
On Wednesday, Bitcoin’s price reached a 24-hour peak of $93,910 on Coingecko. Analysts have indicated that regaining and maintaining ground above $93,000 is crucial for the cryptocurrency’s momentum. Michaël van de Poppe, founder of MN Fund, emphasized that if Bitcoin holds above this level and breaks higher, it could potentially pave the way for a rise toward $100,000. Nick Ruck from LVRG Research highlighted macroeconomic factors and new ETF flows as potential catalysts that could drive Bitcoin toward a six-figure mark in the near future.
ETF Activity and Market Moves
Market reports indicate that ETF-related trading has played a significant role in boosting Bitcoin’s price. Notably, BlackRock’s IBIT saw over $1.8 billion in trading volume within two hours, following a reversal of stance from Vanguard. Overall, the total spot Bitcoin ETF volume exceeded $5.1 billion on that day. In addition, the broader cryptocurrency market capitalization increased by nearly 7%, reaching $3.13 trillion, while Bitcoin’s dominance rose to almost 60%. Following the opening of the US market, Bitcoin itself experienced an approximate 8% increase, contributing to the positive momentum across larger markets.
Support Zone Holds
Market analysts have identified the $86,000 to $88,000 range as a critical support area. This zone has been tested multiple times in recent months, and Bitcoin’s ability to hold above it is seen as a sign of reduced selling pressure. A break below this range could potentially lead major players to shift from buying to selling.
Liquidations and Net Inflows Changed the Day
There was significant activity in both derivatives and spot markets, with reports indicating that over $360 billion in short positions were liquidated. Additionally, more than $160 billion was reportedly reinvested into cryptocurrency markets within a 24-hour period. These figures, if accurate, help to explain the rapid rebound and substantial single-day gains observed in Bitcoin’s price.
Impact on the Crypto Market
- Bitcoin’s recovery above $93,000 signals potential bullish momentum in the market.
- The involvement of ETFs is contributing to increased trading volumes and market interest.
- The broader cryptocurrency market capitalization has seen a substantial rise, indicating overall market health.
- Key support levels remain critical for Bitcoin’s price stability and future movements.
- The liquidation of short positions suggests a shift in market sentiment, potentially favoring bullish trends.
- Analysts are closely monitoring Bitcoin’s performance around the $92,000 level for signs of continued strength or potential reversals.
Updated: 12/3/2025, 10:28:38 AM
