Bitcoin Price Rebounds Ahead of Thanksgiving Holiday
Bitcoin (BTC) has seen a significant rebound, rising 13% from its multi-month low of $80,000 to reclaim the $90,000 mark. This move has come as a surprise, with BTC rallying ahead of the holidays and raising hopes of further upside heading into Thanksgiving weekend. According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair was trading at $91,400 on Thursday after rising more than 5% on Wednesday.
A Rare Thanksgiving BTC Price Rally?
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair trading at $91,400 on Thursday after rising more than 5% on Wednesday. Analysts are hoping that Bitcoin will continue rising into the holidays, bucking the trend of its previous performance on Thanksgiving Day. Bitcoin has only seen gains on this day in two of the last decade, with big declines particularly in 2018 and 2020. According to analyst Crypto Daan Trades, the average return is -0.8%.
Key Price Levels to Watch
Other analysts are focused on how high Bitcoin price could rise during this year’s Thanksgiving holiday, as it traded 4% below its all-time high close of over $95,000, reached on November 28, 2024. Bitcoin needs to regain $100,000 to $105,000 to avoid a possible crash below $80,000. According to on-chain data provider Glassnode, Bitcoin remains structurally “fragile” after losing its 50-week moving average and key cost support.
Market Analysis and Predictions
Analyst Charles Edwards, founder of Capriole Investments, noted that the Wednesday before Thanksgiving is always bullish, followed by a bearish Thursday. However, bearish Bitcoin mining data could be a counter signal encouraging a point BTC rally. Traders are hoping that Bitcoin will continue rising into the holidays, despite the uncertainty in interest rate policy, inflation expectations, and stress in BTC derivatives.
This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making their decision. For more information, visit https://cointelegraph.com/news/bitcoin-bounces-seven-day-high-can-btc-break-95k-thanksgiving?utm_source=rss_feed&utm_medium=rss_category_market-analysis&utm_campaign=rss_partner_inbound
