Bitcoin surged past the $90,000 threshold on Wednesday, marking its first return to this level in nearly a week. At the time of writing, Bitcoin is trading at $90,785, showing a 4.42% increase over the past 24 hours.
BTC price chart, Source: CoinMarketCap
The recovery represents a significant bounce from last Friday’s low near $80,000. Bitcoin has gained roughly 12% since that panic-driven selloff. Despite the recent uptick, the digital asset remains down 4% over the past week and 21% over the past month. It continues trading 28% below its all-time high of $126,000.
Volatility Subsides Amid Holiday Trading
Options data reveal traders expect Bitcoin to remain range-bound. Traders are selling call options and strangles around the $85,000 to $90,000 range. Minimal downside protection suggests confidence that major price movements are unlikely during the holiday period.
“The market looks comfortable fading moves on both sides rather than positioning for a breakout,” De Maere stated. Lower volumes during the long weekend typically limit significant price action.
Historical Thanksgiving Performance Shows Mixed Results
The Wednesday before Thanksgiving has historically proven challenging for Bitcoin. The cryptocurrency has declined in six of the past seven years on this specific trading day. Both 2020 and 2021 saw substantial drops during pre-holiday sessions.
This year breaks that negative pattern. Bitcoin reached $95,737 on Thanksgiving 2024, setting a holiday record. The current price of $91,000 represents a decline from last year but remains historically elevated.
Bitcoin’s price history on Thanksgiving shows dramatic growth over the years. The cryptocurrency traded at just $12 in 2012 following its first halving event. By 2013, it reached $1,000 for the first time amid growing mainstream attention.
The asset experienced significant volatility in the years that followed. It dropped to $369 in 2014 following the collapse of the Mt. Gox exchange. Recovery came gradually, with Bitcoin hitting $737 in 2016 and $8,071 in 2017.
The 2021 bull run pushed Bitcoin to $59,008 on Thanksgiving, fueled by corporate adoption and institutional interest. A subsequent crypto winter followed, intensified by the 2022 FTX collapse.
Market sentiment remains divided. The Financial Times published multiple skeptical articles about cryptocurrency on Wednesday, continuing its critical stance toward the sector. However, Bitcoin’s recent price action suggests resilience despite negative commentary from traditional financial media.
Source: https://coinpaper.com/12714/bitcoin-reclaims-90-000-mark-during-quiet-pre-thanksgiving-trading
