Bitcoin Ricochets Around $93K at Pivotal Point; Circle, Gemini Lead Crypto Stock Rebound

Bitcoin BTC$66,230.84 erased its dip to $91,800 on Wednesday morning and climbed back to near $93,000 in the afternoon hours, but its rapid 10% run in two days is now facing a key test.

The largest crypto's ascent from the $84,000 lows on Monday appears to be stalling near a key technical level: the 2025 yearly open at $93,400. That price zone is now acting as resistance that bulls will need to convincingly reclaim for the rally to continue higher.

Ethereum's ether ETH$1,945.83 reclaimed the $3,100 level, hitting its strongest price in two weeks and up 3.5% over the past 24 hours, outpacing bitcoin's 1% gain during the same period.

Markets were rattled in the morning after The Information reported Microsoft (MSFT) was lowering AI software sales quotas due to slower-than-expected adoption. The report triggered a nearly 3% intraday dip in Microsoft shares and dragged the Nasdaq into negative territory. However, the tech giant later pushed back on the report, denying any change in sales quotas.

The Nasdaq reversed its losses to trade modestly in the green by afternoon, while MSFT trimmed its losses to 1.5%.

Crypto stocks gaining

Meanwhile, crypto-related stocks extended their advance. USDC issuer Circle (CRCL) and crypto exchange Gemini (GEMI) both surged nearly 10%, although both still remain well below their public market debut valuations earlier this year. Coinbase (COIN), Galaxy Digital (GLXY) and Robinhood (HOOD) each gained about 5% during the session. Most of the bitcoin miners also moved higher across the board, led by IREN with a 6% gain.

UPDATE (Dec 3, 16:01 UTC): Adds comment from Microsoft.

UPDATE (Dec 3, 19:15 UTC): Updates prices throughout the story.