Bitcoin’s price surged above $91,000 in a strong rebound on Tuesday as Wall Street firms intensified their investment into digital assets.
At the time of publication, bitcoin was trading at $91,089, an increase of 8% in 24 hours. Trading volume reached $78 billion in one of its strongest sessions this month.
Bitcoin’s price has risen to $89,966 from $83,989. It is still 7% higher than last week’s low. As new institutional funds flood the market, its market capitalization has risen 5% over a single day to $1.79 billion.
Momentum has shifted dramatically since the early morning. BTC blasted After holding important weekend support zones, the team has reached a level of $90,000.
The rebound comes at a moment when major banks and brokerages — long hesitant — are finally opening the gates to regulated Bitcoin exposure.
Bitcoin Price Affected by Banks, Wall Street
Bank of America has made its biggest move yet into digital assets. The bank will now allow its 15,000 wealth advisers to recommend a 1%–4% crypto allocation, a dramatic shift that brings one of the country’s largest institutions fully into the Bitcoin ETF era.
This change will take place on January 5 when the chief investment office of the bank begins to cover four major Bitcoin ETFs.
Before now, it was illegal for advisers to discuss Bitcoin without the client initiating the conversation. This firewall has now been removed.
Chris Hyzy is the CIO of Bank of America Private Bank. He said, “The bank has taken a proactive approach in addressing customer concerns.” “measured” The crypto market is framed as an innovation theme that can only be achieved through regulated products. Investors are likely to gravitate towards the 1%-4% range while those with higher risk may opt for a 4%.
Bank of America has aligned itself with other firms that have made similar moves. Morgan Stanley recommended a 2%–4% Bitcoin allocation in October. BlackRock has also argued that 1%–2% in BTC improves long-term portfolio efficiency.
Another big bank has just been flipped. Vanguard will become the second largest asset manager worldwide. start Starting today, the platform will allow Bitcoin ETFs linked to crypto and cryptocurrency-linked mutual funds. Over 50 million clients of brokerage firms will have access to cryptocurrency exposure for the very first time.
Vanguard has made a significant reversal in its position, having for many years deemed Bitcoin to be too speculative and risky for portfolios that are held for the long term.
Bitcoin Price Analysis: Bulls fightback as analysts target $75,000
You can also find out more about the following: price action The overall picture is more positive than today’s sharp rise remains tense. Since then, the Bitcoin price is in a downtrend of two months. peaking Over $126,000 was reached in October. It fell almost 30% and found support between $83,800-$84,000. Traders have defended this zone repeatedly in recent weeks.
Close of last month showed a bearish trend. The monthly candle for November was a big red one, wiping out gains made from April to June. confirming a bearish MACD cross on the monthly chart — a high-time-frame signal that historically precedes weak momentum for several months.
Charts are beginning to show key levels. The immediate resistance for the bitcoin price is $91,400. This will be followed by $93,000, and then $94,000. The market is facing heavy resistance from $98,000 to $103,000.
Bulls managed to push the price above $90,000 today, but they still face strong overhead pressure throughout the $91,400–$94,000 zone.
The first support level on the downside is $87,000. This corresponds to the 0.146 Fibonacci levels, and then comes $84,000. Below that, deeper supports appear at $75,000 and the broader $69,000–$72,000 range. Beyond that, the next significant support lies near $57.700.
Bitcoin Magazine analysts warn that if BTC continues to lose $84,000, the road to $75,000 is open.
The Federal Reserve’s December 9–10 meeting looms large. Markets are pricing an 80%+ chance of a 25 bps rate cut — a move that historically supports risk assets. However, a pause could spark another round of selling.
Bitcoin is trading for $91,039 at the time this article was written.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
