The price of Bitcoin surged beyond $91,000 on Tuesday, continuing a robust recovery as Wall Street firms enhance their engagement with digital currencies.
At the time of writing, Bitcoin was trading at $91,089, reflecting an 8% increase over the last 24 hours. Trading volume spiked to $78 billion, marking one of the strongest sessions in recent weeks.
Currently, Bitcoin is positioned just above its 7-day high of $89,966, showing a 7% increase from last week’s low of $83,989. The market capitalization of the asset is at $1.79 trillion, having risen by 5% in a day due to fresh institutional investments.
Momentum shifted significantly in the early morning, with BTC breaking through the $90,000 mark after holding key support levels over the weekend.
This rebound occurs as major banks and brokerages, previously cautious, are beginning to embrace regulated Bitcoin exposure.
Impact of Banks and Wall Street on Bitcoin Price
Bank of America is making its most substantial move into digital assets to date. The bank will empower its 15,000 wealth advisors to suggest a crypto allocation of 1%–4%, marking a pivotal shift as one of the nation’s largest institutions steps fully into the Bitcoin ETF era.
This change will take effect on January 5, when the bank’s chief investment office will start formal research on four key Bitcoin ETFs: Bitwise BITB, Fidelity FBTC, Grayscale Bitcoin Mini Trust, and BlackRock IBIT.
Previously, advisors were prohibited from discussing Bitcoin unless prompted by the client. That barrier has now been removed.
Chris Hyzy, CIO of Bank of America Private Bank, stated the bank is adopting a “measured” approach, framing crypto as a thematic innovation suitable only through regulated products. Conservative investors are expected to lean towards the 1% allocation, while those with a higher risk appetite may consider 4%.
This move aligns Bank of America with peers who have already adopted similar strategies. Morgan Stanley recommended a 2%–4% Bitcoin allocation in October, while BlackRock suggests that incorporating 1%–2% BTC enhances long-term portfolio efficiency.
In addition, another once-reluctant bank has now changed its stance. Vanguard, the second-largest asset manager globally, will start allowing Bitcoin and crypto-related ETFs and mutual funds on its platform as of today. More than 50 million brokerage clients will gain first-time access to crypto exposure.
This marks a significant reversal for Vanguard, which has criticized Bitcoin as too speculative for long-term portfolios.
Bitcoin Price Analysis: Bulls Push Back as Analysts Eye $75,000
Today’s price action has surged sharply; however, the overall market remains tense. Bitcoin has been in a two-month downtrend since reaching over $126,000 in October. The asset experienced a nearly 30% decline before finding support between $83,800 and $84,000 — a zone that traders have defended multiple times this past week.
Last month’s close was bearish, with November yielding a significant red monthly candle that erased gains made from April through June and confirming a bearish MACD cross on the monthly chart — a high-time-frame signal often preceding weak momentum for several months.
Key levels are now becoming more apparent on the chart. Bitcoin faces immediate resistance at $91,400, with further resistance levels at $93,000 and $94,000. A significant resistance zone exists between $98,000 and $103,000, which is a major barrier for the market.
Bulls succeeded in propelling the price above $90,000 today, but they continue to encounter substantial resistance in the $91,400–$94,000 range.
On the downside, the first support level is found at $87,000, correlating with the 0.146 Fibonacci level, followed by $84,000. Below this, deeper supports manifest at $75,000 and the broader $69,000–$72,000 region. The next major support after that lies near $57,700.
If BTC dips below $84,000 again with momentum, analysts from Bitcoin Magazine caution that the path to $75,000 could open quickly.
The Federal Reserve’s meeting on December 9–10 is approaching. Markets are forecasting an 80%+ probability of a 25 basis point rate cut — a move traditionally supportive of risk assets. However, a pause could trigger another selling wave.
At the time of this report, Bitcoin is trading at $91,039.
