Bitcoin Stabilizes Near 91,000 After Rebound

Bitcoin's price hovered around 91,000 on Friday, marking a stabilization after a rebound from lows near 80,000 earlier in the month, as traders assessed resistance levels and declining trading volumes in early December.

The cryptocurrency climbed more than 10 percent from its recent bottom around 82,000 last week, driven by easing selling pressure and renewed institutional interest. However, the recovery stalled below the 93,000 mark, a key resistance zone where analysts noted significant accumulation of about 500,000 BTC between 93,000 and 96,000. This area has proven challenging for buyers, with the price now oscillating between 90,300 and 92,000, according to market data. Support levels near 83,000 to 85,000 have held so far, preventing a deeper correction, but failure to reclaim 94,000 to 95,000 could signal renewed downside momentum.

Analysts pointed to mixed technical signals shaping the short-term outlook. A rejection from the 93,000 level followed a failed attempt to break higher, aligning with a pole-and-flag pattern that suggests potential continuation of November's 25 percent drop if support at 89,100 breaks. Short-term holder supply has risen nearly 10 percent to...