Traditional financial markets take breaks, but crypto never sleeps. While Wall Street was closed for Thanksgiving, the cryptocurrency market took advantage of the lull to make a notable push.
Bitcoin (BTC), the "big brother" of the cryptocurrency world, has officially reclaimed the $90,000 mark, causing green to spread across electronic boards, rekindling hope for investors after a series of gloomy days.
Wall Street is on holiday, cryptocurrency is working overtime
After a long slide that left many investors heartbroken at the $82,000 level, bitcoin has made a spectacular turnaround. Data recorded on November 28 showed that this currency reached $91,600, up more than 5% in just 24 hours. Since the beginning of the week, bitcoin's market price has recovered 7.5%, although it is still far from its historical peak of more than $126,000 set in October.
Not only Bitcoin, large-cap cryptocurrencies (altcoins) also "entered the festive mood". Ethereum (ETH) - the largest smart contract platform - increased 4.2% to $3,035. Solana (SOL), a name that always attracts speculative money, also jumped 3.6%. Even XRP, a coin with unpredictable price movements, recorded a slight increase of 1%.
What’s interesting about this rally is its independence. “The rally happened as the US stock market closed, which shows that the crypto market’s internal strength is being strengthened without the usual tech stock rally,” said Joshua Mahony, an expert at Scope Markets.
But the sentiment is undeniable. Before the holidays, the S&P 500 had its best four-day winning streak since May, and the Nasdaq Composite was up more than 5%. Bitcoin’s surge at the moment is a perfect fit, reinforcing the belief that global investor risk appetite is returning.
Bitcoin, Ethereum and XRP all increased sharply while the US stock market was closed for Thanksgiving (Photo: Decrypt).
Whale Footprints: When Big Hands Stop Selling Off
From the perspective of cash flow analysis and on-chain data, the story behind this rally is more than a simple technical rebound. It is the return of the "whales".
Since August, the market has been under strong selling pressure from large holders (those with over 10,000 BTC). They took advantage of the opportunity to take profits when the price was anchored above $100,000. But the tide has turned.
According to data from Glassnode, the Accumulation Trend Index of this whale group has reached 0.8 - a telling number, showing that buying activity is taking place fiercely. Not only the "big hands", but also individual investors (wallets under 1 BTC) and the middle class (1,000-10,000 BTC) are also quietly accumulating goods.
Why this price range? The answer lies in “cost price”. Analysis shows that the base price of bitcoin spot ETFs in the US is around $82,000. Therefore, bitcoin’s bounce from the $80,000-$82,000 range shows that the market has established this as a “fair value range”.
Michael Saylor, one of bitcoin's most ardent supporters, has even likened the $80,000 price to "Satoshi's gift to believers."
The large cash flow switching from "distribution" (selling) to "accumulation" (buying) status is a classic indicator in technical analysis, often signaling the end of a deep correction and the opening of a new wave.
Market Psychology: Fear is Opportunity?
An interesting paradox is playing out in the market: Investors are feeling more “comfortable” at $90,000 than they did when bitcoin was above $100,000 but on a downward spiral.
The Fear & Greed Index is currently at 25, the “Extreme Fear” zone. According to the contrarian investing theory of financial legends, this is often a golden time to cash in. “History shows that markets often go against the crowd. Major turning points always appear when individual investors’ hopes are almost extinguished,” said Santiment, a social data analytics platform.
However, caution is still needed. Tom Lee, president of BitMine, who predicted bitcoin to reach $250,000, has now adjusted his expectations. He said that the $250,000 mark by the end of this year is unlikely, but that a return to $100,000 and a break of the old high of $125,100 is still within reach.
Cryptocurrency analyst Ted (TedTalksMacro) offered a more specific technical scenario: "If bitcoin successfully recaptures the $93,000-$94,000 mark, the door to $100,000 will be wide open before any further shake-ups."
December is approaching. Statistically, the last month of the year is not typically a boom month for bitcoin (the average return since 2013 has been just 4.75%). But after disappointing October and November, the market is hoping for an exception.
The cryptocurrency market is always full of surprises, and as trader Jelle commented: "After the sell-off that surprised everyone, the recovery in doubt is the most painful scenario for those who accidentally sold at the bottom."
Source: https://dantri.com.vn/kinh-doanh/bitcoin-vuot-90000-usd-ca-voi-thuc-giac-thi-truong-da-qua-con-bi-cuc-20251128214226940.htm
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