Bitcoin rebounds! A detailed look at the cryptocurrency market this week and the price fluctuations behind them

What movements in the cryptocurrency market have you been paying attention to this week?

Hi, this is John. The cryptocurrency market saw some pretty dramatic price movements last week (November 23-29). After Bitcoin plummeted 36% from its peak in October, signs of a rebound are beginning to appear. However, there are many points of interest beyond simple price fluctuations, such as the underlying macroeconomic factors, the actions of institutional investors, and shifts in market sentiment. In this article, I've summarized the news from the past week, focusing not only on price but also on changes in market structure.

Bitcoin's sudden drop and rebound - is it just emotional buying and selling, or is there a larger structural shift going on?

This Week's Market Trends: Bitcoin and Ethereum Price Movements

Let's start with this: Bitcoin plummeted nearly 37% in early November, from its all-time high of $126,000 in October to around $80,000 around November 22. This was on track to be its worst month since 2022, causing widespread anxiety among market participants.

But here's the important part. Between November 23rd and 24th, Bitcoin began to rebound. At the time of writing, on November 28th, it temporarily recovered to above $92,000. The reference price in Japanese yen as of the 28th was around 13.5 million yen. Over the past seven days, Bitcoin has risen by approximately 7.8% and Ethereum by approximately 11%, and we are beginning to see signs of a resumption of structural capital inflows, not just "short covering" (buying back short sales).

Similarly, Ethereum has recovered to the $3,000 range over the past week, bringing the total market capitalization back to the $3 trillion level, suggesting a shift in market sentiment.

Reasons for the sudden drop: Multiple factors at work

So why did such a big drop occur? Several factors were at work simultaneously:

• Financial market liquidity crisis:The federal government shutdown from October 1 to November 4 halted the issuance of short-term Treasury bills (T-bills) for five weeks. The Federal Reserve's quantitative tightening (QT) caused bank reserves to plummet by approximately $300 billion between September and mid-November, falling below $3 trillion.
• Selling pressure on risky assets:The Nasdaq's decline has had a ripple effect, raising concerns about the collapse of the AI ​​stock bubble. This highlights the tightening of global liquidity for emerging assets as a whole.
• Concerns about the December FOMC meeting:Fluctuations in interest rate hike expectations have weighed on risky assets such as Bitcoin.
• ETF outflows:Over $35 billion has flowed out of US-listed Bitcoin ETFs in a month, with $22 billion flowing out of BlackRock's IBIT, a particularly popular fund.

In other words, "Bitcoin wasn't the only thing that fell; the global liquidity squeeze hit the cryptocurrency market hard."

Reasons for the rebound: Macro shift and institutional reassessment

So what caused the rebound? Again, it was a combination of several factors:

1. Fed Rate Cut Signal
Federal Reserve Vice Chairman Barracroft suggested there was a 75% chance of a rate cut in December, and at the same time, the US Dollar Index fell 12%, raising the possibility of cheaper capital flowing into risk asset markets, raising expectations of a move similar to the post-pandemic stock bull market.

2. Institutional buybacks
On November 21, the Bitcoin spot ETF recorded a net inflow of $238 million, a rare November inflow. The cumulative inflow into the ETF through 2025 has exceeded $60 billion, a sign that institutional investors are beginning to decide that it is time to buy Bitcoin.

3. Market sentiment reset
Research firm K33 Research attributes this 36% drop to "emotional selling and analysis." In other words, technically, a "buying signal at the bottom" was lit, and institutional investors resumed building positions.

This is an important point, so I'll summarize it in a checklist:

• ✅ There are signs that the liquidity crisis has peaked (resumption of Treasury bill issuance, Fed Vice Chairman signals interest rate cut)
• ✅ ETF outflows have reached a "significant" stage, and selling pressure has begun to slow.
• ✅ Institutional investors have begun buying back shares, shifting market sentiment from "selling" to "buying."
• ✅ Technically, the $80,000-$82,000 range acts as an important support zone.
• ✅ In the short term, the mid-9 dollar range is seen as an upper resistance line (a level where selling pressure is likely to occur).

Current Price Levels: Support and Resistance

Currently, Bitcoin (as of November 28th) is trading at around $91,000, with the following composition:

Below the current price (support):
$80,000-$82,000 zone: This is an important support line where buyers are waiting. Market players such as QCP Capital also believe that this level will not be broken.

Above the current price (resistance/wall):
Mid-$9 range (around $92,500): As prices approach this level, there are predictions that "supply will suppress the upside," making this a level where short-term selling pressure is likely to occur.

In other words, the current market consensus is that trading will continue in the range of $80,000 to $92,000.

Medium-term outlook: bullish scenario for 2026

While short-term developments (next few weeks) are limited, the medium-term outlook is bullish.

Institutional investors such as Fundstrat are seeing Bitcoin becoming a popular form of cryptocurrency payment.$150,000 to $200,000 by January 2026This would represent an increase of more than 65% from the current price of $91,000.

Additionally, an important theme pointed out by several analysts is the validity of the liquidity Bitcoin halving model. Traditionally, the Bitcoin halving event has driven the market, but by 2025, macro liquidity factors such as interest rate cuts and ETF flows are becoming more important. This means that the next phase of Bitcoin's growth is likely to be triggered not by a single event, but by a combination of the following:

• The downward trend in interest rates
• Expanding global liquidity
• Institutional investors' capital returns to risky assets

Project Tech Trends to Watch: Market News Beyond Prices

While the price fluctuations of Bitcoin and Ethereum are attracting attention, cryptocurrency-related stocks are also moving significantly behind the scenes. This is an important sign that suggests a shift in the portfolios of institutional investors.

Cryptocurrency-related company stock prices soar

Cryptocurrency stocks surged on the 28th as Bitcoin and Ethereum prices recovered:

• Bitmain:27% increase in 5 days
• Clean Spark:Recorded a 55% increase
• BlackRock Income Fund:Bitcoin ETF holdings increased by 14%

This is not just a "stock price catching up," but evidence that mining companies and institutional investors are beginning to believe that Bitcoin has bottomed out. This means that institutional investors are redistributing their portfolios.

Changes in the stablecoin market

Another often overlooked but structural change is also occurring in the stablecoin market: According to DefiLlama, the global stablecoin market capitalization will fall from $309 billion to $305 billion in November 2025, marking the first contraction after two years of consecutive growth.

The reason behind this is the reallocation of liquidity. Stablecoins were once a safe haven when risk assets fell, but now their relative attractiveness is declining as institutional investors start to shift their funds to Bitcoin spot ETFs and mining stocks.

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What traders and investors should look out for this week

So, what should you pay attention to when actually participating in the cryptocurrency market? We have compiled the following checklist:

• ✅ Confirmation that the support zone remains:Daily monitoring to see if it falls below $80,000-$82,000 (if it falls below this level, a drop to the $17,000 range is on the horizon)
• ✅ ETF Flow Monitoring:Tracking "Has the net outflow stopped?" with monthly reports and exchange data
• ✅ US Macroeconomic Indicators:Pay attention to the timing of employment statistics, CPI, and unemployment rate releases (especially before the December FOMC meeting)
• ✅ Taking advantage of short-term volatility:Look for "swing trade" opportunities within the $80,000-$92,000 range
• ✅ Building a medium-term position:If the trend of institutional investors buying back stocks continues, we will also consider a "buy-down strategy" for 2026.

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Regulatory and business trends

The cryptocurrency market is not only influenced by price, but also by changes in the regulatory environment. While there were no notable developments this week, we should continue to monitor the following:

The impact of the US government reopening
With the temporary end of the federal government shutdown, the short-term government bond market has begun to normalize. This is one of the key factors that led to the rebound in the cryptocurrency market. The key going forward will be how the government's monetary policy (especially the December FOMC meeting) will move.

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Impressions: Is the market a time to buy or a time to wait?

To be honest, this is a difficult decision. In the short term, the range of $80,000 to $92,000 is expected to continue, and technically, the upside is still heavy. However, considering the improving macro environment (the Fed's interest rate cut signal), institutional investors' buybacks, and the "2026 $150,000 to $200,000 scenario," it is understandable that some people think "now is the time to buy."

There is a consensus among market participants that a large portion of the decline was due to emotional selling, so now may be the time to start a planned "buy-down strategy." However, it is important to keep position sizes modest and set clear stop-loss rules.

Future focus: From December onwards

Key events that will influence Bitcoin prices over the next month:

• Early December: FOMC meeting (final decision on rate cut)
• Mid-December onwards: Capital trends of institutional investors during the year-end bonus season
• January 2026: New Year's market trend determination period

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Reference sources

This article was compiled by the author using the following publicly available information and fact-checking:

• [Attention] Bitcoin falls, buybacks fail, worst month since 22
• Cryptocurrency Market Weekly Report (November 20th - November 26th, 2025)
• Analyzing the Bitcoin Rise: Mapping Short-Term Alpha and Medium-Term Trajectory
• Bitcoin's 36% drop from record high is a good time to buy | Research firm analysis
• Cryptocurrency-related stocks surge, Bitcoin and Ethereum prices recover
• Bitcoin Liquidity Declines: Could This Be a Turning Point for the Cryptocurrency Market After the Halving?

What information in the news this week interested you the most? Did you feel comfortable participating in short-term range trading? Or do you believe in the medium-term scenario leading up to 2026 and want to start preparing now? If there are any projects or investment strategies that interest you, please let us know!