Bitcoin surged past the $88,000 mark on Monday as renewed investor positioning and improved sentiment lifted the world’s most valuable cryptocurrency. The digital asset traded firmly above $88k, propelled by leveraged position liquidations and persistent outflows from major exchange-traded funds (ETFs).
As of press time, Bitcoin hovered around $88,677 — a 1.6% daily gain — approaching the $90k resistance level. Market analysts say the token remains caught between bullish momentum and a looming death cross, as technical indicators suggest that BTC may be oversold.
Some analysts argue that Bitcoin is following a familiar pattern from previous “final flush” corrections, where a dip around the $80k region historically precedes an aggressive rally toward $90k–$95k. This view has reinforced expectations of a near-term rebound.
The latest upswing was also driven by a resurgence in global mining activity, with China returning to the top three mining destinations after reclaiming a 14% share of global hash rate — despite its earlier ban on mining operations.
CoinMarketCap data indicates that Bitcoin’s market value stands at approximately $1.77 trillion, around 3.8% below last week’s high. Trading volume climbed to $74.95 billion as investors reacted to macro signals and the possibility of a shift in US Federal Reserve policy.
The broader crypto market gained momentum as well, with the total global market cap rising by 2.5% to $3.04 trillion. Traders opened new positions across major cryptocurrencies in anticipation that the US Federal Reserve may begin cutting interest rates in December — a move that could trigger a re-rating cycle across digital asset markets.
However, the ETF market remains under strain. November is shaping up to be the weakest month for Bitcoin ETFs, with outflows exceeding $3.5 billion. BlackRock’s IBIT fund alone recorded withdrawals of $2.2 billion. Analysts link the trend to macroeconomic stress, including recession risks, sticky inflation, and liquidity tightening due to the Fed’s balance sheet reduction.
With sentiment improving but uncertainty still present, market watchers expect institutional investors to play a decisive role in determining Bitcoin’s next major move.
