Bitcoin may reach a new record high following derivatives market developments and accumulation by major holders. Nasdaq filed to raise BlackRock's IBIT options limit from 25,000 to 1 million contracts, a roughly 40-fold increase aimed at easing institutional participation barriers. Large holders have resumed buying while exchange infrastructure expands to accommodate increased demand.

Bitcoin reached $92,969 on Friday before retreating below $91,000, encountering resistance near $93,000. Ethereum struggled to break above $3,000 after recovering from recent lows, while XRP traded at $2.18, facing overhead resistance at $2.25 and $2.50. Market sentiment remained cautious as major cryptocurrencies tested key technical levels.

BlackRock's Strategic Income Opportunities Portfolio raised its stake in the iShares Bitcoin Trust (IBIT) to 2,397,423 shares valued at approximately $155.8 million as of September 30, according to a Securities and Exchange Commission filing. The 14% quarter-over-quarter increase marks growing institutional adoption as Bitcoin trades above $91,000. The bond fund's flexible mandate permits exposure to nontraditional instruments when they enhance risk-adjusted returns.

Large Bitcoin holders have reversed their market stance, with one whale closing a 1,000 BTC short position at a $1.6 million loss before opening a 3× leveraged long. Another wallet entered a 20× long position totaling 563.68 BTC worth over $51 million. Analysts identify $84,570 as critical support and $112,340 as the next resistance level that could shape Bitcoin's near-term trajectory.

Bitcoin is trading at $91,000, positioned between two critical price zones. Data shows $84,570 as a major support level where approximately 610,635 BTC were previously transacted, while $112,340 represents the upper boundary with around 576,252 BTC last moved at that price. The asset posted modest 24-hour gains and approximately 10% weekly increases.

Bitcoin has climbed back above $92,000 after posting gains exceeding 12% over seven days. Bloomberg senior commodity strategist Mike McGlone projects a possible decline to $50,000, citing Bitcoin's correlation with S&P 500 volatility and deflationary market signals.

Bitcoin fell 16.77% in November, matching the 16.23% decline in November 2022. The cryptocurrency dropped from its October 6 all-time high of $126,198 to $82,000 by November 21, before recovering 5.5% over the following week to $91,464. Short-term holder sentiment and institutional positioning now determine BTC's next direction.

Bitcoin has recovered more than $10,000 since dropping to $81,000 on Friday, climbing back above $92,000. The broader cryptocurrency market capitalization has gained over $300 billion during the rebound, reaching $3.23 trillion. The recovery follows a 35% decline from Bitcoin's early October all-time high near $107,000.