Cryptos Steady as BTC Hits Key Fib Level, Traders See Room for $100K but Little Beyond

Crypto analyst Snow, known for predicting the Bitcoin price peak, has stated that Bitcoin (BTC) will not reach $116,000 within the next year, attributing the recent market recovery to a temporary 'dead-cat bounce.' This assertion comes amid ongoing volatility in the cryptocurrency market.

Bitcoin's dominance in the cryptocurrency market has shown an unexpected trend during a recent 30% price decline, as it dropped instead of climbing, defying typical market behavior. This decline follows a period where Bitcoin had previously led a rebound, recovering from significant losses earlier in the week and surpassing $86,000.

The cryptocurrency market is currently experiencing significant volatility, with Bitcoin's price fluctuating around $86,000 after a recent rebound from earlier losses. This situation reflects ongoing challenges faced by investors amid shifting market dynamics.

Bitcoin's price has paused at $92,000, with market analysts observing that it needs to regain momentum through increased trading volumes to clear the next significant resistance level between $92,000 and $95,000. This pause follows a recovery from recent lows around $80,000, indicating a volatile market environment.

Bitcoin has shown signs of recovery, rebounding above $86,000 after significant losses earlier in the week. However, the cryptocurrency market remains under pressure, with altcoins lagging behind Bitcoin's performance amidst a longer-term downturn.

BlackRock’s income fund has increased its holdings in Bitcoin ETFs by 14%, reflecting a strategic move to bolster its position in the cryptocurrency market. This development comes amid fluctuating investor sentiment and significant trading activity in Bitcoin-related financial products.

KuCoin's European arm has successfully obtained a MiCA license in Austria, marking a significant regulatory achievement for the cryptocurrency exchange. This license is part of the European Union's efforts to create a unified regulatory framework for digital assets, enhancing the legitimacy and operational scope of crypto exchanges within member states.

Upbit, South Korea's largest cryptocurrency exchange, has reported a corporate loss of approximately 5.9 billion won due to a recent hack, which has led to the suspension of deposits and withdrawals. The exchange has committed to fully reimbursing affected users following the incident, which is linked to a breach involving its Solana wallet.