Crypto prices showed renewed strength today as the market began recovering from November’s sharp correction. Bitcoin reclaimed the $90,000 level, while major altcoins also posted gains, helping push total crypto market capitalization up 3.6% to $3.2 trillion.
At the time of writing, Bitcoin traded at $91,404, up 4.6% over the last 24 hours. Other top assets also moved higher: BNB reached $895 (+3.6%), XRP traded at $2.20 (+1.3%), and Ethereum climbed to $3,038 (+3.8%). Several mid-cap tokens including Hyperliquid, Mantle, and Sky logged stronger advances of 6% to 10%.
Despite the bounce, sentiment remains cautious. The Crypto Fear & Greed Index rose from 15 to 22, still signaling “Extreme Fear.” Market liquidations increased 7% to $346 million, and total open interest grew 4% to $135 billion. The average crypto RSI sits at a neutral 56, hinting that the market may be stabilizing after two turbulent weeks.
Macro Tailwinds Reignite Investor Confidence
A mix of positive macroeconomic signals helped lift risk appetite across global markets and crypto followed.
Rate cut expectations for December climbed to 85% after U.S. data showed cooling inflation and a softer labor market. Fed Governor Christopher Waller noted that the backlog of economic reports (caused by the government shutdown) will give policymakers more clarity before the December meeting. Markets interpreted this as supportive for a dovish stance.
Meanwhile, quantitative tightening is scheduled to end on Dec. 1, increasing liquidity and benefiting risk assets like tech and crypto.
A political shift also boosted optimism. Rumors suggest former Trump adviser and Coinbase alumnus Kevin Hassett is the frontrunner for the next Fed Chair, with betting odds at 67%. Investors viewed this as bullish given Hassett’s historically crypto-friendly outlook.
Geopolitics also played a part. Progress toward a Ukraine settlement reduced global risk premiums, while U.S.–China trade talks reportedly moved closer to a new agreement. Stock markets responded positively, and crypto mirrored the trend.
Bitcoin Shows Signs of Exiting Its Correction Phase
On-chain data reveals that Bitcoin’s recent downtrend may be easing. According to a Nov. 27 analysis from CryptoQuant contributor XWIN Research Japan, overheated leverage in Bitcoin futures, spot markets, and on-chain activity has cooled considerably.
The MVRV ratio has fallen to 1.54, a level that has historically marked the start of recovery phases. During the correction, Bitcoin open interest dropped from $37B to $29B, flushing out excess leverage.
Short-term holders absorbed losses of more than $900 million, a typical signal of capitulation near local bottoms. Meanwhile, whale accumulation remained strong. Wallets holding 10 to 1,000 BTC continued adding coins throughout the decline a pattern seen in previous mid-cycle pullbacks before new uptrends.
Analysts remain divided on the path forward. Some expect Bitcoin to attempt a push toward $100,000 before year-end, echoing predictions from Mike Novogratz (Galaxy Digital) and Tom Lee (BitMine).
However, losing the $88,000 support level could drag BTC back toward $80,000, or lower if the market weakens further.
For now, rising spot demand, steady whale buying, and moderating leverage suggest the market is trying to rebuild momentum as November draws to a close.
