Bitcoin Surpassed $89,000, Showing Signs of Increase

Bitcoin Rallied

Bitcoin gained value during U.S. market hours. This is a notable change following a period in which BTC experienced a decline of approximately 20% over the past month.

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

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