Bitcoin price back above $92K, KAS, SPX, WLFI lead altcoins with strong gains

Bitcoin continued climbing over the past week as the market began to settle after three chaotic weeks in November.

Selling pressure faded, and traders appeared more willing to hold their ground as volatility eased.

The total crypto market cap jumped over 8.7% and pushed back above the three trillion dollar mark, supported by early signs of recovery.

The Crypto Fear and Greed Index, while still sitting in extreme fear territory, rose by seven points from the previous week to 25, suggesting some traders are cautiously stepping back in.

Mid-cap altcoins outperformed the larger names by a wide margin, with several booking strong double-digit gains even as broader uncertainty continued to cast a shadow over the market.

Why is the Bitcoin price up this week?

Bitcoin price managed to reclaim a number of key support areas today, supported by a notable improvement in macro sentiment and the gradual return of risk appetite among traders.

At the core of this week’s rally was consistent dip buying, with bulls showing stronger conviction as volatility cooled across the board.

CoinGlass data shows that futures open interest across the entire crypto market continued climbing this week.

It began around $120 billion and has now moved above $134 billion, which is a sign that investors are deploying more capital back into the market. 

At the same time, short sellers have faced growing pressure and continued to be liquidated in waves, which added extra fuel to Bitcoin’s recovery.

Bitcoin reclaiming the $90,000 mark early in the week also gave traders another layer of confidence, especially with broader risk markets turning higher. 

One of the main catalysts behind the ongoing strength is the strong performance of stocks this week.

The Dow Jones Index gained more than 1,750 points. The Nasdaq 100 rose by over 1,200 points.

Analysts are turning more bullish on equities as well. JP Morgan Private Bank said in a recent note that the S&P 500 could jump to 7,600 next year and rise by 20% by 2028.

Deutsche Bank and Morgan Stanley have issued similarly optimistic outlooks. 

A major part of the bullish outlook is tied to the ongoing artificial intelligence boom in the United States and expectations that the Federal Reserve will start cutting rates in December.

Strong corporate earnings have also helped support the narrative.

That broader optimism has spilt over into crypto. Stocks rallying at the same time Bitcoin is recovering has triggered a strong risk-on tone across both markets. 

Traders are now digesting new signals from the Federal Reserve. The Beige Book released on Wednesday noted that economic activity has slowed in recent weeks. 

It also pointed out that employment has declined during this period.

In parallel, ADP released its latest private payroll report on Tuesday, which showed that the economy lost jobs last week.

With growth slowing and jobs data turning weaker, traders have started pricing in a greater chance of a rate cut in December. 

Bitcoin and other risk assets tend to benefit from looser monetary policy or dovish Fed signals.

Meanwhile, several crypto-specific catalysts have also played a role in this week’s move.

Multiple altcoin ETFs have been launched over the past few days. 

More ETF launches are expected in December, which is adding to overall market enthusiasm.

The timing of all this has come just as the holiday season approaches. Historically, this has been one of the better periods for crypto performance. 

With Bitcoin reclaiming $90,000 and market positioning shifting rapidly, hopes have reignited that the price could push toward the 100,000 mark over the weekend or early next week. 

Bulls have started positioning in advance. Bitcoin’s long short ratio stood at 1.72 during late Asian trading hours on Friday. 

A positive long-short ratio means more traders are leaning long, and in this case, it suggests bullish bias is starting to outweigh caution. 

Combined with rising open interest, a falling dollar, and improving sentiment across traditional and crypto markets, the setup heading into December looks much stronger than it did at any point earlier this month.

Will Bitcoin price go up?

With Bitcoin only a short rally away from $100,000, the next few trading sessions through the weekend are expected to be pivotal.

Whether the broader market structure remains bullish would depend on how quickly it can return above that key psychological level.

Glassnode’s cost basis distribution heatmap shows a large concentration of resistance between $93,000 and $96,000, where close to 500,000 BTC were acquired by investors.

That range remains the immediate resistance to further upside.

Glassnode also pointed to a higher supply zone between $100,000 and $108,000, describing it as the next major resistance area in its Friday X post.

“Breaking above the top-buyers’ supply clusters is a key prerequisite for regaining momentum toward a new ATH,” it added.

On-chain data does not yet fully support a breakout scenario. Bitcoin’s onchain transfer volume and spot trading volume on Glassnode remain relatively subdued, suggesting the rally still lacks strong speculative backing.

The seven-day moving average of onchain transfer volume on Glassnode dropped by around 20% over the past week to settle near $87 billion.

This points to weaker transactional activity and a lack of the speculative intensity usually needed to power the next leg higher.

Spot market activity has also not returned to previous peak levels. Current daily spot volume continues to track well below the highs seen during earlier phases of this cycle.

In past rallies, rising spot volume has typically signalled a pickup in retail and institutional demand, often preceding strong breakouts.

If the market sees a similar pattern in the coming days and volume returns, that could reinforce the bullish case further.

According to Swissblock, “the trend only flips if BTC reclaims $94K–$95K.” Until then, bulls will remain focused on defending the $83K–$85K area and watching for demand to re-enter.

Reclaiming that area could pave the way for bulls to target $100K, according to well-followed crypto analyst Ted Pillows. See below.