Bitcoin Exceeds $89,000, Showing Signs of Upward Movement

Bitcoin Starts to Rise

Bitcoin gained value during US market hours. This development is notable following a period where BTC experienced a total decline of approximately 20% over the course of a month.

Among the reasons behind this rise is the decrease in open positions. This indicates that the current movement was triggered by the closing of short positions rather than new leveraged purchases.

However, the overall cryptocurrency market remains in a fragile state. Exchange-Traded Fund (ETF) outflows, tax-related positioning, and slightly holiday liquidity continue to put pressure on prices.