Bitcoin's price action over the past month has captured the crypto market's full attention, particularly as the asset rebounded above a significant psychological threshold. Having plunged from a record peak of $126,080 in October to a low near $81,000 just last week, BTC showed signs of capitulation. However, on November 27, 2025, Bitcoin decisively crossed back above the $90,000 mark, hitting an intraday high around $90,334 before settling near $90,035. This move represents more than a 10% recovery from recent lows and interrupts the so-called Thanksgiving 'curse' where cryptocurrencies typically experience a slump over the holiday period.
The rebound has brought some relief to investors who faced a difficult year so far. Bitcoin is down approximately 7% year-to-date despite early optimism in 2025 that it could surge to $200,000. Long-term holders have nonetheless seen considerable gains over the past three years, with Bitcoin appreciating roughly 450% through the Thanksgiving weekend, underscoring the asset’s resilience despite volatile price swings. The narrative of weakness has also been challenged by market analyst Michael van de Poppe, who points out that Bitcoin has reached its most historically oversold levels according to the MVRV Z-Score on a two-year rolling basis. This statistical extremity often precedes upward price corrections, implying the recent dip may have exhausted bearish momentum.
Yet, the broader crypto environment presents a nuanced picture. Alternative cryptocurrencies such as Hyperliquid (HYPE) have outperformed Bitcoin substantially this year, with HYPE up 35% compared to BTC’s negative 7% return. The rise of multi-chain ecosystem coins like XRP, Solana, and Dogecoin has even led to expanded institutional ETF allocations beyond just Bitcoin and Ethereum, highlighting shifting investor interest. However, cautionary signals persist, as illustrated by XRP’s recent formation of a Death Cross, a technical pattern that historically precipitates notable price declines, hinting at potential volatility ahead in altcoin markets.
Adding complexity to Bitcoin’s outlook is the intertwining of macroeconomic factors. The cryptocurrency’s recent selloff has been linked by Nobel laureate economist Paul Krugman to political uncertainties, specifically the diminishing influence of former President Donald Trump. Moreover, expectations around Federal Reserve interest rate cuts have contributed to a temporary calm in global equities, with the MSCI All Country World Index steadying after November losses. The US stock market’s Thanksgiving closure has muted immediate volatility but left traders vigilant about what the anticipated Fed moves in December could mean for risk assets including Bitcoin.
Complementing these dynamics is evolving infrastructure and mining trends. Cloud mining is gaining traction amid record-high mining difficulties, supported by expanding renewable energy farms across key regions. Meanwhile, stablecoin issuer Tether’s substantial 116-ton gold reserve, among the largest outside of central banks such as South Korea and Hungary, hints at increasing institutional-grade asset backing within the crypto sector. Such developments may underpin longer-term confidence even as short-term price action remains choppy.
Outlook Beyond the Holiday Bounce
Bitcoin’s break above $90,000 signals that bulls are reasserting themselves following a stressful correction phase. The confluence of historically oversold technical conditions and the psychological importance of clearing this threshold could provide a foundation for sustained gains, with some analysts eyeing potential targets closer to previous highs. Nonetheless, prospective headwinds persist from political uncertainties, macroeconomic risks, and competitive pressures from outperforming altcoins. The market stands at a crossroads where strategic investor decisions over the coming weeks may determine whether Bitcoin can reclaim momentum toward the much-anticipated $100,000 mark and beyond this month.
As market participants weigh these factors, the Thanksgiving weekend gains serve as a reminder that Bitcoin’s historic trends are not immutable, and shifts in sentiment or fundamentals can rapidly alter its trajectory. Vigilance and adaptive strategies will remain crucial to navigate what continues to be a highly dynamic crypto market environment.