Bitcoin Holds Key Supports Near $92K Amid Volatile Trading; Ether Outperforms
Bitcoin remains in a volatile trading range near $92,000 after failing to surpass the $93,000 mark. Key support levels are identified at $91,000 and a range between $90,000 and $90,500, while a move above $93,200 is required to invalidate the current short-term downtrend. Since early November, Bitcoin's one-month chart has shown a descending pattern, with a recent rebound forming a lower high near $93,500. Momentum remains soft and liquidity is thin above current levels.
Ether has outperformed with over 5% weekly gains, currently trading around $3,150. Notably, Ether funds experienced a $140.2 million inflow, whereas spot Bitcoin products saw $14.9 million in outflows, indicating a rotation of capital from Bitcoin to Ether. Conversely, Solana and XRP faced declines of approximately 4% and 5% respectively, with Cardano down around 2%. Despite a seven-week downturn, the total market capitalization hovers near $3.2 trillion, reflecting an approximate 1% increase over the last 24 hours.
Additional macroeconomic data from the U.S. revealed November ADP payrolls fell by 32,000, accompanied by slowing wage growth. Futures markets suggest about a 90% probability of a December interest rate cut. Institutional involvement includes Vanguard enabling access to crypto ETF trading and Bank of America recommending clients allocate between 1% and 4% of their portfolios to digital assets. Furthermore, CME initiated a VIX-style implied volatility index for bitcoin futures, with plans for similar indices covering ETH, Solana, and XRP.
Market sentiment indicates continued volatility and range-bound trading should persist until Bitcoin firmly holds above $93,000 or drops below $90,500. Analysts cite macroeconomic turning points and shifts in capital allocation as key factors influencing the ongoing market pattern.
