Bitcoin Rebounds. Have Cryptos Reached a Turning Point? — Barrons.com
By Callum KeownBitcoin and other cryptocurrencies jumped early Wednesday as digital assets continued their strong rebound after recent sharp losses.Bitcoin was trading at $92,909 early in the day — up more than 6% over the past 24 hours, according to CoinDesk data. It hit $93,969 at one point overnight, after having slumped below $85,000 on Monday. The world's largest cryptocurrency remains around 26% off its record high of roughly $126,000 reached in October.Smaller coins saw even greater gains, with Ethereum up 9% at $3,053, popular altcoin XRP surging 6.6% and Solana rising 9.6%."Bitcoin fans will be rightly cautious about this rally in the cryptocurrency, having seen so many false dawns in recent months, but it looks like the recovery in stock market risk appetite is finally leaching across into the crypto space," IG analyst Chris Beauchamp said.However, he noted that last week's bounce faltered at $93,000 and that Bitcoin's rise above that early Wednesday gave "some hope of a more sustained move higher."That makes the next move potentially key to determining whether cryptocurrencies can keep the recent momentum and regain more of the ground they lost in November.Even if Bitcoin does keep rallying, more resistance levels will quickly emerge on the horizon. Renaissance Macro Research analyst Jeff deGraaf said he expected two major resistance zones for Bitcoin. "The cool $100k mark and then $107k, each is fortified by descending moving averages," he added. Still, he notes that while"Bitcoin remains the most promising of major crypto trends," they are defensive on it.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.