Crypto Markets Witness Another Tumble Climb as Bitcoin Tests $93K Resistance—But Can It Hold?

The cryptocurrency market displayed classic pump-and-dump tendencies on Thursday as Bitcoin attempted to breach the $93,000 barrier, dragging major altcoins higher before swift profit-taking erased most gains. The tumble climb pattern left traders questioning whether this rally represents genuine strength or merely another false bottom in an unpredictable cycle.

Bitcoin’s Failed Breakout Attempt: A Critical Reality Check

Bitcoin momentarily pierced the $93,000 level before surrendering its advance, retreating to the $90,000–$91,000 support zone. Current pricing data shows BTC trading at $92.52K with a 24-hour decline of 1.25%, underscoring the fragility of the move. The structure resembles what technical traders call a “trap breakout”—where bulls briefly push price above resistance only to trigger cascading liquidations.

This tumble climb dynamic raises a crucial question: Is the support zone holding, or are we witnessing a temporary bounce before another leg down?

Altcoin Reactions: Governance and Network Upgrades Drive Movement

Cardano’s ADA captured market attention with a 5% surge following the network’s first major governance vote, which approved a 70 million ADA allocation targeted at increasing on-chain activity. However, latest data shows ADA up just 0.46% over 24 hours—suggesting initial enthusiasm cooled significantly by day’s end.

Ethereum performed relatively better with a 2.41% 24-hour gain following the successful implementation of the Fusaka upgrade. The upgrade is designed to enhance batch processing capabilities for layer-2 solutions, addressing scalability concerns that have plagued the network.

The disparity between ADA’s initial pop and current performance exemplifies the tumble climb pattern: hype-driven rallies that fail to sustain momentum.

ETF Flows Reveal Institutional Hesitation

Capital flows tell a more cautious story. Bitcoin ETFs recorded $58.5 million in inflows, while Ether-focused products experienced $9.9 million in outflows. This divergence suggests institutional players are hedging their bets, rotating capital toward Bitcoin while trimming Ether exposure—a classic risk-off positioning amid market uncertainty.

Macro Tailwinds vs. Technical Headwinds

Several developments potentially favored risk-on sentiment: President Trump signaled plans to announce his Federal Reserve Chair nominee early 2025, with speculation pointing toward a more dovish monetary policy stance. Additionally, Vanguard’s decision to open cryptocurrency ETF trading to its clients represents a significant reversal of its previous stance, while Bank of America hinted institutional portfolios could allocate 1%–4% to digital assets.

Yet these catalysts haven’t prevented the tumble climb pattern from dominating price action.

Where Does This Leave Us?

The total cryptocurrency market capitalization currently sits at $3.15 trillion, establishing a higher local peak but still below the $3.38 trillion resistance level. While institutional adoption headlines suggest building support, the technical setup demands caution. Until Bitcoin convincingly holds above $91,500 and sustains higher closes, traders should treat any rallies as potential selling opportunities rather than breakout confirmations.

The real test isn’t whether Bitcoin reaches $93,000—it’s whether it can stay there.