Bitcoin has been oscillating around the $92,000 level as markets weigh the prospects for a year-end Santa rally. Over the past 24 hours, the benchmark cryptocurrency rose about 1.5% to around $92,257. Ethereum slipped 0.58% to $3,022.31, while XRP traded at $2.13 and Solana at $140.06. Macro headwinds have kept Bitcoin under pressure, with factors such as the halving cycle, policy shifts on digital assets, corporate buy-through activity, expectations for lower interest rates, and a stronger dollar constraining upside.
Analysts from iM Securities highlighted these elements as contributing to a tempered buildup in upside risks. In the near term, volatility is expected to remain elevated, though a friendlier regulatory backdrop and robust long-term demand could limit downside risk.
A strategist from Samsung Securities noted that after November, crypto market sentiment has cooled due to outflows from spot ETFs and declining TVL, with Bitcoin briefly breaking below the $100,000 level before stabilizing. He added that while the market may face continued volatility, favorable news flow and sustained demand could cushion the extent of any correction.
Looking toward year-end, some traders see a Bitcoin rebound. Jeffrey Kendrick of Standard Chartered Digital Asset Research described the recent pullback as the third meaningful correction since the launch of U.S. spot BTC ETFs, calling it a painful but familiar pattern and suggesting seller exhaustion may signal a bottom.
Separately, the CoinMarketCap Fear & Greed Index stood at 15 points, indicating extreme fear in the broader crypto market.
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