On Wednesday, Bitcoin (BTC-USD) surged back above $90,000, closing at that level for the first time in almost a week as the market rebounded from a steep decline that had pushed prices down to $80,400 on Nov. 21
as reported by Seeking Alpha
. The cryptocurrency’s 3% rise over the past day injected renewed confidence into a market that has seen approximately $3.79 billion withdrawn from
Bitcoin
exchange-traded funds just in November
according to 247 Wall Street
. Despite the bounce, the recovery remains precarious, with
BTC
still down 19% for the month and 5% for the year, as investors assess whether the rebound can last amid ongoing macroeconomic challenges and continued selling pressure.
The recent price swings highlight a struggle between institutional and retail participants. While both large-scale investors and individual traders have been selling, mid-tier holders—those owning between 10 and 1,000 BTC—have acted as a stabilizing force,
amassing 365,000 BTC by Nov. 23
, setting a new record for accumulation. At the same time, spot Bitcoin ETFs experienced a rare $238 million inflow on Tuesday, suggesting that institutional investors may be cautiously returning after a period of reducing exposure
as noted by Seeking Alpha
. Farzam Ehsani, CEO of crypto trading platform VALR, commented that the upward momentum could strengthen only if BTC firmly surpasses $90,000, supported by increased retail activity and ongoing ETF investments
according to Seeking Alpha
.
Technical analysis also pointed to the possibility of a short squeeze.
Negative futures funding rates
, which briefly turned bearish as leveraged long positions were closed out, indicated that aggressive buyers may be losing steam. Crypto analyst Tim Enneking
credited the stabilization
to institutional investors returning after a six-week break, a move he described as being influenced more by psychological price points than by fundamental changes. On the other hand,
CryptoQuant's Bull Score Index dropped
to 20 out of 100, its lowest reading since the 2022 bear market, as BTC slipped below its 365-day moving average of $102,600, a significant technical benchmark.
Broader economic factors further highlighted the market’s vulnerability. The Federal Reserve’s November meeting ended hopes for a rate cut in December, while higher Treasury yields and a stronger dollar dampened risk appetite
as reported by 247 Wall Street
. Additionally, miners, who had been net sellers for the first half of November,
contributed to short-term downward pressure
before they resumed accumulating. Analysts also pointed out that capital has been rotating into high-volatility altcoins such as
Solana
(SOL-USD) and
XRP
(XRP-USD), which have attracted more institutional inflows than Bitcoin as investors chase short-term returns
according to 247 Wall Street
.
Looking forward, the outlook for BTC remains unclear.
If Bitcoin can maintain a breakout above $90,000
it may attempt to challenge the $102,600 resistance, but falling below the $85,000 support could open the door to a decline toward $83,500, a crucial Fibonacci retracement level. A report from CryptoQuant cautioned that the 2022–2025 bull run might be nearing its end,
with major events like Trump’s 2024 campaign
and new Bitcoin treasury launches no longer fueling demand. Still, some analysts remain guardedly positive, pointing out that post-halving cycles often see sharp pullbacks before final surges, and that long-term holders are still accumulating even as ETFs see outflows
as noted by 247 Wall Street
.
As Thanksgiving approaches, attention will likely turn to the Federal Reserve’s December meeting and potential changes in institutional strategies. For now, Bitcoin’s trajectory depends on whether accumulation by mid-sized investors and ETF inflows can counterbalance the ongoing bearish macro trends.
