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Bitcoin (BTC) has gone up by nearly 6% in the past 7 days and has managed to stay above $90,000 as the sell-off took a breather in the past couple of days.
The market started the week with a sharp downturn as the Bank of Japan announced that it plans to raise interest rates in December.
However, other news may have cushioned the blow, including Vanguard’s decision to let investors trade exchange-traded funds (ETFs) linked to digital assets through its platform.
Data from Artemis shows that Bitcoin’s weekly trading volumes reached their second-highest level of the year as the token dropped to $80,000.
Since the token bounced back from these levels, this might indicate that this is a highly contested level for buyers and sellers. Hence, Bitcoin (BTC) might be facing a make-or-break moment in the next few days.
Bitcoin Price Prediction: Short Liquidations Spike as Bitcoin Bounces Back From $80,000
On Monday, $325 million worth of short positions were wiped out of the market. Meanwhile, another $400 million has been liquidated in the past 24 hours alone as BTC has climbed by 4.4%.
If BTC makes a comeback in the next few days, a short squeeze could unfold as the volume of short positions above $90,000 is likely high. That said, there is still room for further downside as BTC did not reach its key area of support at $78,000.
The market could come back to retest that level to confirm if buying interest is strong enough to keep the token afloat.
The next FOMC meeting is scheduled to take place on December 10, and it might be the defining moment for cryptos in 2025. The market has already priced in a rate cut, as data from FedWatch shows that nearly 90% of analysts believe that the central bank will lower rates.
The only surprise would be that they don’t, in which case they might break the market. Meanwhile, if they do, investors will likely be appeased, and late buyers will enter the scene once the dust settles.
If the price breaks out of the descending price channel shown in the chart, Bitcoin may continue to rally toward $100,000. However, it will encounter the 200-day exponential moving average (EMA) at some point during that climb.
Depending on how the price reacts when tagging that line, BTC could either continue its move upwards and fully recover in the next few months or resume its downtrend if it rejects a move above it.
The jury is still out on this rally, as it can still be considered a “dead cat bounce” following weeks of sharp drops. Lower interest rates, higher ETF inflows, and increasing institutional adoption favor a positive long-term Bitcoin price prediction, but the top crypto’s short-term prospects are still a bit uncertain.
Meanwhile, as the crypto market recovers, top crypto presales linked to Bitcoin Hyper ($HYPER) are getting a lot of attention from investors. This Bitcoin scaling solution has raised over $28 million to allow BTC holders to earn passive income on their assets safely.
Bitcoin Hyper ($HYPER) Brings High-Speed Transactions and Smart Contracts to Bitcoin
Bitcoin Hyper ($HYPER) introduces a Solana-powered layer 2 built specifically to fix Bitcoin’s biggest limitations.
This solution gets rid of the slow transactions and high fees that the Bitcoin OG blockchain is known for. By tapping on Solana’s efficiency, it brings low-latency transaction processing to create room for ecosystem growth.
For years, developers have struggled with Bitcoin’s 7-TPS ceiling and its lack of native smart contract support. Many ended up building around it or leaving the ecosystem entirely. Bitcoin Hyper aims to change that by giving the Bitcoin blockchain the speed, scalability, and programmability that other chains already offer.
Once top wallets and exchanges start to embrace this solution, the demand for $HYPER will likely explode. In addition, users will find in the Hyper L2 a convenient and cheap alternative to earn yield on their assets safely through staking, lending, and more.
To buy $HYPER before its next price increase, simply head to the official Bitcoin Hyper website and link up your wallet.
You can either swap USDT or SOL for this token or use a bank card instead.
