Bitcoin Regains Momentum: Crypto Market Outlook

Omkar Godbole reports that the week has begun on a positive note, with Bitcoin (BTC) up over 1% at $89,800, nearing the upper limit of its recent range between $85,000 and $90,000. However, the $92,000 to $95,000 range remains a significant obstacle for the bulls. This week's US economic calendar features key reports, including third-quarter GDP and consumer confidence on Tuesday, and jobless claims on Wednesday, which could impact investor sentiment. Meanwhile, $27 billion in BTC and ETH options are set to expire on Deribit on Friday, with a bullish lean in positioning. Despite the price rebound, some analysts remain cautious, warning that the short-term momentum may be misleading and that Bitcoin's broader performance has been disappointing. The cryptocurrency started the year at around $93,400 and is currently trading 30% below its peak. In other market news, tokens like 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 unchanged. Uniswap's UNI token has fallen over 1% as voting begins on a proposal to activate the protocol fee switch. In traditional markets, gold has reached a record high of $4,420, while the dollar index has fallen back to $98.48.