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Bitcoin reclaimed the $93,000 mark today after a sharp 6.6% jump, lifting the broader crypto market into green territory, while major altcoins like SUI and LINK posted powerful double digit gains.
This rebound comes after several days of mixed sentiment, giving traders fresh signs of a possible bullish reversal.
Market Recovers After Weeks of Pressure
The crypto market has been under selling pressure since early October, with liquidity thinning and volatility rising. Today’s rally marks one of the strongest rebounds in weeks, helped by renewed spot buying and leveraged interest across perpetual exchanges.
Analysts say the move is notable because it happened even as CME futures open interest fell to multi-month lows signaling that traders are shifting towards offshore exchanges.
Market Update & Today’s Bitcoin Price
Bitcoin (BTC) is currently trading around $92,836–$93,000, maintaining most of its strong upward move.
Ether (ETH) has also regained strength, bouncing back above $3,050.
A trader quoted during today’s rally said the momentum
“finally shows the bearish grip weakening, but liquidity conditions still demand caution.”
Several altcoins outperformed bitcoin’s rise:
- SUI jumped 31%
- Chainlink (LINK) surged 24%
- Market wide strength pushed the CoinDesk 20 Index up 8% in the last 24 hours.
- Despite widespread green, Zcash (ZEC) continued its deep weekly slide, falling another 3% today and now down 38% over seven days, as traders lock in profits after its massive September–November rally.
Derivatives & Market Positioning
Funding rates remain broadly positive, showing a continued preference for long positions.
However, CME open interest for both BTC and ETH has dropped to the lowest levels in months, a sign that regulated markets are temporarily losing favor as traders move toward offshore platforms with higher leverage.
On Deribit, BTC and ETH puts still trade at a premium, though the spread has narrowed, hinting that fear in the market is cooling.
The strong upswing, especially across altcoins, indicates the market’s bearish trend is weakening.
But low liquidity means price swings may remain exaggerated, and any negative news could pull the market quickly back to major support zones.
