Bitcoin Rises Above $87K Amid Market Uncertainty and Analyst Cautions Potential Decline Below $80K
Bitcoin rose about 3% to above $87,000, with ether increasing about 1.4% to around $2,921. Crypto-related equities rebounded, with MSTR and HOOD up 3–4% and CRCL up approximately 9% following gains posted by Circle, issuer of USDC. Major altcoins also showed strength, with BNB, XRP, and SUI rising roughly 3–6% overnight.
Despite this positive movement, derivative markets remain fragile, experiencing about $750 million in long liquidations, including $250 million related to bitcoin futures. Meanwhile, U.S. equities were modestly lower, with the S&P 500 down about 0.5% and the Nasdaq down about 0.3%.
November unemployment rose to 4.6%, reaching a four-year high, while the odds of a January Fed rate cut stood near 24%. Market dynamics currently reflect a balance between delayed monetary easing and bitcoin’s narrative as a store of value. Analyst Samer Hasn of XS.com cautions that the recent bounce from around $80,000 is a corrective high, and a new leg lower below $80,000 could follow, indicating potential downside pressure and key support levels in the near term.
