Bitcoin is currently trading near $93,000, with approximately $81 billion in transactions over the past 24 hours. The price has increased by 3% on a daily basis and is just one percent below today’s high of $93,929. Compared to the weekly low, Bitcoin’s price has risen by about 3%. The circulating supply of Bitcoin stands at approximately 19.96 million, approaching the fixed limit of 21 million. Consequently, Bitcoin’s global market value has reached $1.86 trillion, marking a 3% increase from recent levels.
Analysts note that Bitcoin’s price recently fell below its fundamental network value for the first time since 2023, indicating a classic “late cycle reset.” Last week, the price dropped nearly 36% to around $80,000, which helped eliminate excess leverage and clear speculative positions. According to network economists, when Bitcoin dips below its intrinsic value, it typically leads to strong gains afterward. Over the past twelve months, Bitcoin has delivered an average return of 132%, showing positive performance 96% of the time.
Long-term investors have accumulated nearly 50,000 Bitcoins recently, reversing the distribution trend seen in prior months. This shift from short-term traders to long-term holders is easing selling pressure. Macroeconomic conditions are also becoming favorable for Bitcoin. The U.S. Federal Reserve has recently ended quantitative tightening, and markets are largely pricing in an interest rate cut by December. Historically, Bitcoin has experienced significant gains during periods following quantitative tightening.
However, the short-term outlook remains fragile. The bearish close in November suggests a slowdown in market momentum. Key support levels are near $85,000 and $84,000; if these break, the price could fall to $75,000. Institutional investment continues to grow, with BlackRock increasing its holdings in the IBIT ETF, JPMorgan issuing notes linked to the product, and Strategy Inc. adding to its Bitcoin holdings. Charles Schwab has announced plans to offer Bitcoin trading by early 2026.
BlackRock CEO Larry Fink has revised his views on Bitcoin, acknowledging previous misjudgments. He described Bitcoin as a “fear asset” bought during geopolitical tensions, financial uncertainty, and currency weakness. Despite its volatility, Fink views Bitcoin as an important portfolio hedge. Meanwhile, Coinbase CEO Brian Armstrong stated there is no chance Bitcoin’s price will fall to zero.
Currently, Bitcoin trades near $92,923, with institutional interest rising despite ongoing market uncertainty.
Source: bitcoinmagazine
