Bitcoin Regains Momentum: A Cryptocurrency Market Update

The week has begun on a positive note, with bitcoin experiencing a rise of over 1% to reach $89,800, nearing the upper limit of its recent trading range between $85,000 and $90,000. However, a significant challenge for buyers remains in the form of overhead supply between $92,000 and $95,000, according to market analysts. This week's US economic calendar features key reports, including the third-quarter GDP and consumer confidence on Tuesday, followed by jobless claims on Wednesday. These releases may impact investor sentiment, although thin market liquidity due to year-end holidays could lead to unpredictable price fluctuations. On Friday, $27 billion worth of BTC and ETH options are set to expire on Deribit, with market positioning indicating a bullish lean. Despite the price rebound, some analysts advise caution, citing the broader context of bitcoin's performance. "The short-term upward momentum may be deceiving, and the overall picture of underperformance relative to initial expectations should not be ignored," noted Alex Kuptsikevich, FxPro's chief market analyst. Bitcoin started the year at around $93,400 and is currently 30% below its peak. Other tokens, such as HYPE, KAS, SKY, and NIGHT, have seen gains of 4% to 6% in the past 24 hours, while major altcoins like XRP, ETH, and SOL are trading mixed. The CoinDesk 20 and CoinDesk 80 indexes have remained relatively stable. Meanwhile, Uniswap's UNI token has fallen by over 1% as a proposal to activate the protocol fee switch and increase the token's value gains support. In traditional markets, gold reached a record high of $4,420, while the dollar index slightly decreased to $98.48. For further analysis of today's cryptocurrency market activity and a comprehensive list of upcoming events, please refer to the Crypto Markets Today and Crypto Week Ahead sections.