Bitcoin rises above $96,000, eyes $100,000 milestone

Bitcoin has rebounded above $96,000, recovering from recent declines.

The cryptocurrency rose 5% to $95,886.00, while ether increased over 8% to $3,591.33.

The CoinDesk 20 index for the broader crypto market also saw a 5% gain.

Typically, bitcoin trades alongside the stock market, but on Wednesday it diverged from the Nasdaq Composite, which fell 1%. The Dow Jones and S&P 500 similarly experienced drops.

Crypto benefits

Leading cryptocurrency stocks benefited from bitcoin’s rise. Coinbase was up over 5%, Robinhood gained 4%, and MicroStrategy advanced 10%.

Bitcoin has consistently set new records since the November 5 presidential election, increasing about 38% since then. It reached nearly $100,000 before testing the $90,000 support.

Alex Thorn from Galaxy Digital indicated that the bitcoin bull market remains strong, acknowledging potential corrections.

He signaled the role of institutional and corporate adoption, along with favorable conditions under the upcoming administration.

Katie Stockton from Fairlead Strategies noted that bitcoin investors are in unprecedented territory, with no clear resistance levels above. Current support is about $74,000, following bitcoin’s record of $92,000 on November 13.