Bitcoin Reclaims $91k as Market Shows Signs of Recovery

TL;DR

• BTC is up 4% in the last 24 hours and is now trading above $91k.

• The leading cryptocurrency is up 13% since hitting the low of $81k over the weekend.

BTC Hits $91k as Market Sentiment Improves

The cryptocurrency market is recovering excellently following its recent dip. Bitcoin, the leading cryptocurrency by market cap, dipped to the $81k low on Friday but has added nearly 14% to its value since then and is now trading above $91k.

The positive performance comes amid renewed hope of another Fed rate cut in December. The last FOMC meeting will take place in December, and investors are now optimistic that the Federal Reserve will cut the rate for the third time this year.

While commenting on the current market conditions, Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, stated that,

“In just a few days, we’ve gone from just around 30% of market participants expecting a cut on December 10th, to over 80% betting on this outcome today.

This, naturally, moves markets and explains Bitcoin’s recent recovery from a low of around $81,000 to its current level above $91,000. We could see further upside in the short-term if the market remains positive, especially considering the long/short ratio is currently overbalanced in favor of the shorts, which typically signals a reversal in favor of the longs.” 

With Bitcoin recording gains, altcoins are also in the green. The leading altcoin by market cap, Ether, has reclaimed the $3k psychological level after adding 3% to its value in the last 24 hours.

XRP is now above $2.2, while Binance’s BNB is close to the $900 mark. Thanks to the ongoing rally, the total cryptocurrency market cap now stands at $3.12 trillion, up from the $2.9 trillion recorded last weekend.