Bitcoin BTC$91,318.27 The cryptocurrency market was little changed over the past 24 hours, reflecting low volatility from Thursday’s Thanksgiving holiday, and remained firm on Friday above $91,000.
Sentiment has improved from last week’s lows, with the index rising to 22. Although “extreme fear” remains deep, it reflects a visible recovery in buyer activity across large-cap stocks.
BTC has now retraced approximately 61.8% of its entire drawdown from November 11th to 21st and has regained the same Fibonacci levels that acted as resistance in previous recovery attempts.
FxPro’s Alex Kupczykevich said in an email that a sustained hold here opens room for a move towards $100,000 in the coming sessions.
“Bitcoin broke through the $91,000 mark, rose to a seven-day high, and recovered to the classic Fibonacci retracement level of 61.8% of the November 11-21 crash,” he said. “If the recovery does not lose momentum at this level in the next few hours, we can expect prices to rise to the $100,000 level soon and another attempt to break above the significant round level.”
Some analysts see a 30% correction from the high as a possible long-term entry point.
K33 Research noted that Bitcoin has underperformed the Nasdaq in 70% of trading sessions over the past month. This divergence has only appeared a few times since 2020, usually around local inflection points.
Deribit flows show a similar slope, with large traders favoring upside structure in the $100,000-$118,000 range, while expressing skepticism about whether BTC can clear the $120,000 area without a clearer macro catalyst.
Elsewhere, Tether attracted new scrutiny after S&P Global Ratings downgraded USDT to a fifth level of “weak” due to the stablecoin’s exposure to riskier asset classes such as BTC, gold, and corporate credit.
This comes after the issuer revealed that it currently holds 116 tonnes of gold reserves (comparable to the national holdings of Hungary and Greece), with stablecoin operators increasingly leaning towards an alternative collateral mix as supply continues to surge.
Although altcoins remain depressed, they are beginning to reflect an improvement in risk undertones as sentiment recovers from extreme fear and liquidity rotates from a defensive position.
Ether among majors Ethereum$3,010.67 The stock fell 0.4% to $3,023, but continued to rise 7.7% in seven days. XRP fell 0.8% to $2.20, despite outperforming on the week by gaining more than 10%.
BNB rose 0.3% on the day to $897. Solana fell 2% to $140 after a strong week, while Tron rose 1.4% to $0.2803. Dogecoin fell 2.5% to $0.1508. Cardano’s ADA fell 1.4% to $0.427.
Among notable stocks outside the top 10, Zcash’s ZEC extended its reversal with an 8% decline over the previous day, erasing some of the sector-leading gains it posted earlier this month.
New entrant Monad’s MON fell 13% as speculative flows flowed out of high-beta names during consolidation.
