Bitcoin Price Roars Above $91,000 as Wall Street Ramps Up Its Bitcoin Buying Plans

XRP's price has seen a pullback this week, trading at $2.18, which reflects an 8.5% increase over the last 24 hours but a slight 0.8% decline on a weekly basis. Analyst Egrag Crypto's technical analysis indicates that despite the recent downturn, XRP remains above the key 21-EMA on the monthly chart, suggesting a potential long-term bullish trend towards $13.

Bitcoin has shown signs of stabilization as markets prepare for a significant shift in U.S. monetary policy, with the Federal Reserve expected to end its quantitative tightening (QT) program in December. This decision comes after a prolonged period of QT that has influenced liquidity for risk assets, including Bitcoin.

Bitcoin's price has slipped back to $92,000 following a recent rally, coinciding with Microsoft lowering its AI sales goals, which has raised concerns about the broader economic impact on the cryptocurrency market. This downturn follows a period of volatility where Bitcoin had previously reclaimed higher price points after significant sell-offs.

The UK has officially recognized cryptocurrencies as a new category of property following the Royal Assent of the Property (Digital Assets etc.) Act. This legislation marks a significant legal milestone, clarifying the status of digital assets within the UK legal framework.

Strategy's Michael Saylor has publicly addressed the potential exclusion of MSTR from MSCI indexes, emphasizing the company's engagement with MSCI to retain its position despite recent adjustments in Bitcoin holdings, which now total 650,000 BTC. This comes as the company has lowered its 2025 targets, indicating a strategic recalibration.

Crypto analyst Tony Severino has identified a historical bearish pattern suggesting that Bitcoin's price could plummet to $42,000, following a recent surge above $90,000. This prediction is based on the behavior of Bitcoin during previous market cycles, indicating a potential retracement to subwave 3/4 of wave 3/4 of its impulse. Severino's analysis highlights a significant risk for Bitcoin investors as the market prepares for potential downturns in early next year.

Horeb Energy, in collaboration with Veolia, has successfully reduced electricity costs for Bitcoin mining to 2.5 cents per kWh by utilizing biogas from landfills in Norte de Santander, Colombia, which is significantly lower than the North American average.

The cryptocurrency market has experienced a significant rebound this week, with Bitcoin surging past $93,000 and Ethereum climbing back above $3,000. This dramatic recovery follows a period of volatility, highlighting the resilience of these major digital assets amidst market fluctuations.