Bitcoin News Today: Bitcoin's $91K Rally: Bulls Target $100K, Bears Warn of $78K Drop

Bitcoin's recent rebound to $91,500 has sparked a heated debate among analysts, with many cautioning that the move remains a precarious trap until key resistance levels are decisively broken. The cryptocurrency's price action, influenced by macroeconomic shifts and liquidity dynamics, has drawn sharp attention as traders weigh the likelihood of a December breakout or a deeper correction.

The Thanksgiving rally lifted Bitcoin above $91,500, adding $130 billion to the crypto market in 24 hours and pushing total market capitalization back to $3.2 trillion. However, experts warn that the surge is largely attributable to low-volume holiday-driven volatility, with meaningful momentum likely to emerge only after the weekend. Traders are closely monitoring the $91,000–$92,000 range for potential short opportunities, while others eye a retest near $88,000 to validate the trend according to market analysis. Technical analyst Michaël van de Poppe noted that the break above $90,000 is encouraging but emphasized the need for consolidation before another upward push.

On-chain data reveals a bearish undercurrent, with long-term holders (LTHs) aggressively offloading Bitcoin, signaling cycle exhaustion. The market's supply has dropped to 13.6 million BTC, a level analysts associate with structural weakness unless fresh demand absorbs the sell pressure. Meanwhile, Bitcoin's price action on the daily chart shows a bearish bias, with the asset trading below critical moving averages and facing resistance at mid-November breakdown zones. Liquidity clusters between $85,000 and $86,000 suggest potential volatility resumption post-holiday.

A technical analysis of Bitcoin's four-hour chart reveals a descending broadening wedge, a pattern often observed during bottoming phases. A confirmed breakout above $100,000 could position bulls for a strong December rally. However, short-term traders highlight the need for a retest of $88,000 to strengthen the bullish case, while liquidity pockets at $97,000–$98,000 and $85,000 define near-term price trajectories. Market analyst Ted Pillows noted that Bitcoin's recent pullback from $88,500–$89,000 resistance increases the risk of a revisit to $85,000, a historically significant support level.

The bearish case is further reinforced by the rapid 30% correction from the October peak of $126,296 to a low near $80,000. This decline, coupled with elevated open interest and negative funding rates, suggests a market struggling to shake off overleveraged long positions. Critics argue that the speed and depth of the correction - unprecedented during a post-halving phase - indicate a transition to a multi-year downturn. Meanwhile, bulls point to ETF inflows and long-term holder accumulation as signs of resilience, though a sustained break below $84,000 would invalidate key bullish structures.

Macro factors, including U.S. economic data and global trade policy, loom large over Bitcoin's trajectory. Upcoming PPI and employment reports could sway sentiment, with clarity on inflation and interest rates acting as potential catalysts for renewed upside momentum. The fear and greed index, currently at 20, reflects cautious optimism, but analysts stress that extreme capitulation - typical of cycle lows - has yet to materialize.

In summary, Bitcoin's ability to hold above $86,000 will likely dictate the immediate trend, with liquidity clusters and institutional flows playing pivotal roles. Traders remain split, with bulls targeting a breakout above $93,000 to unlock the $98,000–$100,000 range, while bears warn of a potential sweep toward $78,000 if support fails. The market's next move will hinge on macroeconomic developments and the resolution of key resistance levels, with the holiday period offering a brief pause before the next chapter unfolds.