The Bitcoin price is entering a notably calm period after a strong upward move. This is partly due to low trading volumes around Thanksgiving in the United States, but also because of a clear tug-of-war between buyers and sellers. The coming days may prove crucial for the direction Bitcoin chooses, both technically and macro-economically.

Strong recovery, but BTC hits a wall of selling pressure

During the night from Wednesday to Thursday, Bitcoin touched $92,000 for the first time in a week. This happened after the best trading day in more than six weeks. However, the bulls failed to break through this important zone.

The price moved restlessly back and forth over the past 24 hours. After touching $92,000, a quick drop to $91,000 followed, but that dip was bought up almost immediately. The price then slipped again towards $90,500, after which Bitcoin recovered and climbed back up to $91,800. From there, BTC formed a higher low around $90,750, which is generally a positive sign. Even so, the subsequent upward move still lacked strength: during a new attempt to break above $91,700, Bitcoin was rejected once again.

As a result, Bitcoin appears stuck in an increasingly narrow trading range, with $92,000 acting as a solid resistance level where a clear wall of selling pressure sits. As long as the price stays above $90,000, another attempt towards the upper boundary remains possible. Such a narrowing price pattern often leads to a larger move once one side is broken.

Broader market sentiment: mild declines and notable outliers

The rest of the crypto market is also seeing little movement. Many coins are trading around the same levels as yesterday:

Ethereum: –0.64%

XRP: –0.30%

Solana, Dogecoin, Cardano: losses approaching 3%

Zcash: sharp decline of –7.81%

Smaller memecoins: standout drop of –20%

The low trading volume caused by Thanksgiving and a shortened trading day on Wall Street reinforces this quiet price action.

Macro-economy: weakening US labour market fuels speculation about rate cuts

Alongside technical factors, the macro picture is playing a major role. The US labour market has shown clear signs of weakening in recent weeks. This has made the likelihood of an interest rate cut on 10 December almost certain.

Why does this matter?

A strong labour market supports economic growth.

When it begins to weaken, unemployment can rise rapidly.

To prevent a hard landing, the Fed often intervenes with lower interest rates.

Lower interest rates are favourable for risk assets such as Bitcoin, because financing becomes cheaper and liquidity increases.

For Bitcoin, this means: if that rate cut arrives and the economic damage remains limited, the bull run could enter a new chapter in the coming months.

Technical analysis: Bitcoin must break through to confirm trend reversal

Although Bitcoin recently showed a strong recovery from $80,000, there is still no convincing trend reversal from a technical perspective. The daily chart continues to show a downward trend. The key level to watch is $93,500. If Bitcoin manages to reclaim this zone and successfully flip it into support, it would be a strong signal that the downward trend is being broken. Until that happens, the bears remain technically in control and the bulls have more work to do.

Conclusion: Bitcoin holds its balance as market awaits direction

Bitcoin is currently moving within a tight range between $90,000 and $92,000, with lower volumes and strong macro influences. Every trader is watching the BTC price closely:

Below 90k, downward pressure increases.

Above 92k, a potential move towards 93.5k may follow.

A break of $93,500 is the signal traders are waiting for.

A rate cut in December may be the deciding factor for the next phase of the bull run.

The coming trading weeks could therefore be decisive for Bitcoin‘s direction — and possibly the entire crypto market.

Disclaimer: This is not financial advice. Always conduct your own research and consider seeking professional advice before making investment decisions.