Bitcoin has bounced back to $93,000 on Wednesday as liquidations hit $480.68 million over the past 24 hours.

Bitcoin ETFs saw $58.5 million in net inflows on Tuesday, while Ethereum ETFs reported $9.9 million in net outflows.

Santa Rally On Menu?

Crypto trader Jelle noted Bitcoin has reclaimed the monthly open and sliced through the key $91,000–$93,000 resistance band.

Holding this zone, he said, increases the odds that BTC set its monthly low early, a classic setup for a December "Santa Rally."

Daan Crypto Trades added that Bitcoin's sharp recovery from the monthly open was typical, as aggressive sell-offs rarely sustain.

With a fresh higher high and higher low, short-term structure has turned bullish. A sustained breakout above current levels could open a fast move toward the $97,000–$98,000 liquidity pocket.

Crypto chart analyst Ali Martinez identified $2 as the critical support for XRP. A breakdown below that would expose $1.20.

For Solana, Martinez noted bulls continue to defend a long-standing trendline that has held since 2023.

The meme coin sector tracked the broader uptrend, posting a 10% daily gain to reach $48.4 billion in market value.

Donalds Trades highlighted Dogecoin's formation of a clean W-pattern inside its descending channel, a classic bullish reversal formation. A confirmed breakout could trigger a powerful upside extension.

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Bitcoin Roars Back To $91,000: ‘Counter-Trend Rally’ Is Coming, But Be Patient, Analyst Says