Bitcoin has regained the $91,000 price level after its recent decline to $82,000. According to CoinGecko’s Bitcoin dataBTC’s price has risen 4.5% in the last 24 hours. Despite the rally on the daily charts, Bitcoin is still down 1.4% on the weekly charts, 10.8% on the 14-day charts, 20% month-to-month and 1.8% since November 2024. Let’s discuss what is pushing BTC’s price, and whether the rally can sustain itself.
Why Is Bitcoin Rallying? Will it continue?
Bitcoin (BTC) began its upward movement on Wednesday, along with the stock market, which also registered strong gains. The rally could be a pump before Thanksgiving, before the long weekend. The stock market may have seen a renewed AI boost, with Oracle rallying 4%. The BTC and stock market correlation may have led the crypto market to follow suit.
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Bitcoin (BTC) faced its worst November this year. The market crash was significant, considering we had the largest one-day liquidation event in crypto history in October. The liquidations also went quite quickly. Given the recent reversal, however, market participants could see a renewed interest in crypto assets. Many investors also buy the dip, leading to significant relief in the market.
The crypto market is still plagued by volatility. Prices can swing in any direction. How Bitcoin (BTC) performs in the coming days is yet to be seen.