On December 3, the price of the leading cryptocurrency rose to approximately $93,800, recovering losses after a downturn. Analysts from Glassnode and Fanara Digital attributed the positive trend to a record inflow of funds and a decrease in volatility.
At the time of writing, Bitcoin is trading at $92,200, marking a 4.5% increase over the past 24 hours.
Since the lows of 2022, digital gold has attracted over $732 billion in net capital. Experts noted that the current phase (2022-2025) has surpassed all previous ones in terms of inflows.
The realised capitalisation of the asset has reached $1.1 trillion. The peak price during the period under review was $126,000 (October 6), followed by a 36% correction. However, on-chain analysis data indicates no signs of a prolonged bear market.
Decline in Volatility
Bitcoin’s long-term volatility has nearly halved—from 84.4% at its peak in 2021 to the current 43%. Analysts linked the calm to the arrival of institutional investors and the launch of regulated instruments.
Since the approval in January 2024, spot Bitcoin-ETFs have accumulated 1.36 million BTC. The assets under management of these funds amount to $168 billion—approximately 6.9% of the coin’s market supply.
According to the report, bear markets typically begin with rising volatility and falling liquidity. Currently, the opposite is observed: a structural decline in price fluctuations indicates the asset’s transition into the institutional category.
Technical Outlook
For the rally to continue, Bitcoin needs to hold above the $93,000 level. According to Glassnode, large volumes for short position liquidation are concentrated in this zone, which could provide upward momentum.
BTC faced a strong rejection at $93K last week, but as price attempts to break through this level again today, we’re seeing large short-liquidation clusters forming.
Short liquidations can act as fuel for upside, as forced buyers amplify momentum.
📉https://t.co/xoFbP4gGYN pic.twitter.com/tLZRqeEKPg
— glassnode (@glassnode) December 2, 2025
Timothy Misir, Head of Research at BRN, explained the rise as driven by forced buying when shorts are closed above $93,000. Order books on exchanges showed a concentration of liquidation levels precisely in this area.
“Liquidation clusters are active. Forced position closures amplify movement and increase short-term volatility,” the expert noted.
A trader known as DaanCrypto also emphasised the importance of holding the price above $93,000.
$BTC Back to the horizontal local resistance area.
Sharp buyback after the initial sell off right at the monthly open. Something we were watching for as those kind of moves rarely stick.
Price did now make a higher high and higher low, so technically the market structure is… pic.twitter.com/LQFVnMWJLW
— Daan Crypto Trades (@DaanCrypto) December 3, 2025
In his view, turning resistance into support will pave the way to the $97,000-98,000 range.
Earlier in December, an analyst known as CoinCare pointed to a signal of a continuing bull market, while QCP Capital stated that the sector is in a “pause mode.”