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The Bitcoin value is maintaining stability around $111,000 following a volatile few weeks, yet TD Cowen analysts anticipate that the bitcoin value might hit $141,000 by December.
In a note released on Monday, the firm emphasized the recent collapse and recovery in the crypto market as evidence of the robustness of the broader cryptocurrency and bitcoin ecosystem.
The dramatic collapse earlier this month triggered approximately $19 billion in liquidations, marking the largest single-day occurrence in crypto history. In spite of the magnitude of the sell-off, TD Cowen observed that most exchanges continued to function with minimal interruption, showcasing the market’s capacity to absorb shocks, according to The Block reporting.
The decline was initially ignited by U.S. President Donald Trump’s announcement of a 100% tariff on imports from China, which caused the total crypto market to plummet more than 10%.
While lesser-known tokens experienced significant losses, prominent digital assets like Bitcoin performed relatively well — Bitcoin briefly dipped 15% before concluding down just 8% on that day.
“Even though it represented the largest single-day liquidation ever, with open interest halved across venues, the majority of crypto exchanges functioned with little or no downtime,” the note stated.
Worldwide adoption of Bitcoin
TD Cowen’s analysts attribute this occurrence not just to market stability but also to increased global adoption. In Japan, for instance, the total number of registered accounts holding digital assets has surged fourfold over the past five years, surpassing 7.9 million.
The rise in adoption has encouraged Japan’s Financial Services Agency to reevaluate its longstanding restrictions on banks investing in digital assets like Bitcoin.
Bitcoin value rebounded to around $111,000 today after dropping into the $104,000 range last week, as renewed corporate accumulation and optimism regarding a potential conclusion to the U.S. government shutdown bolstered market sentiment.
Bitcoin finished September close to its current range, but prior to the dramatic collapse, it reached all-time highs in early October.
Bitcoin value in a stalemate
According to analysts, crucial resistance for bitcoin now resides at $112K, $115.5K, and $117.6K, with a definitive break above $122K required to revert the bias back to bulls, while support below $105K could fail, with stronger levels at $98K–$96K.
The upcoming week may witness a slight rebound, but failing to maintain above $106.9K could pave the way for prices below $100K, particularly if the FOMC does not enact a significant rate cut.
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