Bitcoin briefly broke above $93,000, driving overall crypto market strength, but several traders warned that this move could be a “false breakout” as market structure remains fragile and volatility is still high. The current market focus is on whether Bitcoin can stabilize in the key support zone of $90,000–$91,000.
Analysts point out that after breaking above $93,000, Bitcoin quickly pulled back, indicating insufficient bullish momentum. Bitunix analysts stated that the current trend “looks more like a choppy retracement” and noted that $93,200 has become the new resistance level. If Bitcoin falls below the key support zone, downside risk may increase again.
Major altcoins rose in tandem. Cardano (ADA) gained 5% after an on-chain governance proposal involving 70 million ADA was approved, marking a new phase in the network’s governance. Ethereum (ETH) rose 4%, benefiting from the official launch of the Fusaka upgrade, which improves the efficiency of Layer2 batch transaction processing. Ripple (XRP) also recorded moderate gains, reflecting improved short-term sentiment.
ETF fund flows remain polarized, with Bitcoin products seeing $58.5 million in inflows, while Ethereum products have posted moderate net outflows for several consecutive sessions. This continues the trend of institutions prioritizing Bitcoin, especially as the macro environment remains uncertain.
The macro environment continues to dominate market sentiment. U.S. President Trump signaled that he will announce his Federal Reserve Chair nominee early next year, with leading candidate Kevin Hassett viewed as dovish, potentially bringing looser policy expectations to the market. Although the market has started to price in a potential easing cycle in 2025, inflation and labor data have yet to fully support these expectations, resulting in continued caution in market sentiment.
Institutional moves further boost crypto market development. Vanguard Group has opened crypto ETF trading to all users, and Bank of America has recommended that institutional clients allocate 1%–4% of assets to digital assets, accelerating the integration of crypto assets into the traditional financial system.
The total crypto market cap has now risen to $3.15 trillion. Although there is still some distance from the key resistance level of $3.38 trillion, the market is attempting to establish a new upward structure. Future trends depend on whether Bitcoin can hold the key support zone and whether ETFs can continue to attract capital inflows.
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