Bitcoin Surges Past $90K, Market Cap Hits $1.8 Trillion
- Bitcoin briefly surged past $90,000 on December 29.
- The market cap briefly exceeded $1.8 trillion before retreating.
- Weak liquidity and a bearish structure were exposed during the retreat.
- Selling pressure has cooled, but buyers remain hesitant.
- Rising funding rates and $1 billion in open interest indicate retail traders are betting on a January recovery.
On December 29, Bitcoin experienced a brief surge past $90,000, momentarily lifting its market cap above $1.8 trillion before retreating due to weak liquidity and a bearish structure. Despite the cooling selling pressure, buyers remain cautious as retail traders show optimism for a recovery in January with increased open interest and funding rates.
The rapid rise and fall of Bitcoin‘s price highlights the volatility in the market, with significant open interest suggesting that some traders expect a rebound in the near future despite current hesitations among buyers. (Source)
