Bitcoin Price Analysis: BTC Retains $90,000 As Improving Outlook Helps Cautious Rebound
Bitcoin (BTC) maintained its position above $91,000 after the flagship cryptocurrency reclaimed $90,000 earlier in the week. However, analysts have warned that Bitcoin bulls must pump more volume into the spot and futures markets to push the current price higher.
On-chain data has confirmed that Bitcoin remains on shaky grounds, as demand, liquidity, and futures activity remain slim. BTC is marginally down over the past 24 hours, trading around $91,817.
Bitcoin Community Continues War Of Words With JPMorgan
Several members of the Bitcoin community and supporters of treasury firm Strategy have hit out against JPMorgan’s proposed Bitcoin-backed notes and accused the bank of spreading fear, uncertainty, and doubt about Strategy and other crypto treasury companies. JPMorgan’s Bitcoin-backed notes are a leveraged investment product tied to BTC’s price. The investment product tracks BTC but amplifies the outcome, giving holders 1.5x gains or losses. The notes are slated to launch in December 2025, according to an SEC filing.
The announcement drew substantial criticism from the Bitcoin community, with many arguing the notes make JPMorgan a direct competitor to treasury companies, and have an incentive to marginalize companies like Strategy to promote its financial product. One Bitcoiner stated on X,
“Saylor opened the door to the $300 trillion bond market and $145 trillion fixed income market. Now, JP Morgan is launching Bitcoin-backed bonds to compete. The same institutions attacking MSTR are copying the strategy.”
Another opined that JPMorgan’s upcoming product exists to trigger margin calls on Bitcoin-backed loans, claiming it will force sell pressure from Bitcoin treasury companies in down markets. Several crypto enthusiasts and Strategy supporters have called for a complete boycott of JPMorgan, urging fellow Bitcoiners to close their accounts at the financial services giant and sell any shares they own in the company.
CME Group Hit By Disruption
The CME Group has temporarily paused trading across currencies, stock futures, and commodities after a cooling system disrupted operations at its data centers. The outage impacted nearly all futures and options contracts on the Globex platform, and also impacted the EBS forex trading system. CME Group issued an update about the outage on X, stating,
“Due to a cooling issue at CyrusOne data centers, our markets are currently halted. Support is working to resolve the issue in the near term and will advise clients of Pre-Open details as soon as they are available.”
ETF Inflows Slow But Positive
US spot Bitcoin ETFs continued to register inflows, although at a slower pace than usual. According to data from SoSovalue, spot Bitcoin ETFs recorded total net inflows of around $21 million on November 26, taking the cumulative net inflows to around $57 billion, while trading volume hit $4.6 billion for the day. BlackRock’s IBIT registered the lion’s share of inflows, with $42 million. However, Fidelity’s FBTC recorded an outflow of around $33 million, while Grayscale’s converted GBTC recorded a modest inflow of $5.6 million.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) retained the $90,000 support level as it heads into the Thanksgiving weekend after reaching a weekly high of $91,999. Price action has been muted thanks to Wall Street being closed. However, analysts expect a crucial resistance battle around $93,000. Analyst and entrepreneur Michaël van de Poppe stated,
“If this level breaks, Bitcoin is back up to $100,000. All in all, a pretty strong bounce upwards. I want to see some consolidation here before we break through this resistance level.”
Crypto trader Daan Crypto Trades identified $97,000 as the key level to overcome for a move to $100,000 to materialize.
“The $97,000-$98,000 is stacked after seeing that consistent and heavy sell off 1-2 weeks back. This created a ton of marginally lower highs, creating such a big liquidity pocket. The $97,000-$98,000 area is also in line with a clear horizontal price level. So overall, a good area to watch.”
BTC started the previous weekend in bearish territory, dropping over 5% and settling at $94,503. It recovered on Saturday, rising 1.10% to $95,544, but was back in the red on Sunday, dropping 1.42% to $94,183. Sellers retained control on Monday, BTC fell 2.21% to $92,100. The flagship cryptocurrency fell to an intraday low of $89,183 on Tuesday. However, it recovered from this level to reclaim $92,000 and settle at $92,914, ultimately rising 0.88%. Selling pressure returned on Wednesday, with BTC falling to a low of $88,483 before settling at $91,461.
Source: TradingView
Selling pressure intensified on Thursday as BTC fell over 5%, slipping below $90,000 and settling at $86,536. Bearish sentiment persisted on Friday as BTC plunged to an intraday low of $80,524 before rebounding to reclaim $85,000 and settle at $85,068. Price action was mixed over the weekend, with BTC falling 0.45% on Saturday before rising 2.51% on Sunday and settling at $86,808. Buyers retained control on Monday as BTC started the week in positive territory, rising 1.68% to $88,266. Selling pressure returned on Tuesday as the price fell 1.07% to $87,325. BTC recovered on Wednesday, rising nearly 4% to reclaim $90,000 and settle at 90,468. Buyers retained control on Thursday as the price rose 0.94% to cross $91,000 and settle at $91,316. BTC is marginally up during the ongoing session, trading around $91,335.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.