Bitcoin Regains Momentum: A Closer Look at the Crypto Market

As the week commences on a positive note, bitcoin has surged over 1% to $89,800, nearing the upper limit of its recent range between $85,000 and $90,000. However, the overhead supply between $92,000 and $95,000 poses a significant challenge for the bulls, according to BRN. 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 figures may impact investor sentiment, although year-end holidays may lead to thin market liquidity and erratic price movements. On Friday, $27 billion worth of BTC and ETH options are set to expire on Deribit, with a bullish leaning in positioning. Despite the price bounce, some analysts remain cautious. 'The short-term positive momentum may be misleading, and the broader picture of disappointment compared to hopes at the start of the year should not be overlooked,' said Alex Kuptsikevich, chief market analyst at FxPro. 'Bitcoin is 30% below its peak and trading at a level lower than it was at the beginning of 2025. Attempts to bring YTD momentum to zero are little consolation in this context.' The largest cryptocurrency started the year around $93,400, according to CoinDesk data. In the broader market, tokens like HYPE, KAS, SKY, and NIGHT have gained 4% to 6% in 24 hours, while major altcoins such as XRP, ETH, and SOL are trading mixed. The CoinDesk 20 and CoinDesk 80 indexes remain relatively unchanged. Uniswap's UNI token has dropped over 1% as voting commences on a proposal to activate the protocol fee switch and turn the token into a value-accruing instrument, with overwhelming support for the protocol. In traditional markets, gold reached a record high of $4,420 as longer-dated bond yields in Japan continued to rise, highlighting fiscal concerns. The dollar index fell slightly to $98.48, erasing Friday's gain.