Bitcoin is trading beneath both the 9-day and 20-day EMAs with weakening momentum indicators. The RSI remains below the midpoint while the MACD histogram flattens, signaling a market that is drifting rather than capitulating. Key resistance stands at $91K, with major support zones between $84.2K and $82.4K.

Large holders drove Bitcoin's recovery from below $81,000 to over $93,000 in the past week, on-chain data show. Retail trader activity remains significantly lower than in previous bull cycles. Spot Bitcoin ETFs recorded net inflows of $70.2 million for the week, marking the first positive flows since early October.

Bitcoin has maintained the $90,000 level for four consecutive days following a sharp decline. Two major supply clusters between $93,000–$96,000 and $103,000–$108,000 present significant resistance zones that could determine the asset's next directional move, according to Glassnode data.

Bitcoin climbed back above $90,000 on November 26, posting its strongest weekly gain since the October 10 decline. Data show over $2 billion in Bitcoin flowed into Binance over seven days, while stablecoin inflows totaled only $735 million during the same period, according to CryptoQuant. On-chain analyst CryptoOnchain warns the supply-demand gap may limit buying power to absorb potential selling pressure.

Bitcoin rose 17% from $82,000 to $93,000 between November 21 and November 28, supported by $221 million in ETF inflows, but failed to break through $95,000 resistance. Kalshi prediction markets now show falling odds for Bitcoin reaching $100,000 before year-end. Traders are increasingly betting on a close below $80,000, with that probability rising to 36%.

U.S. spot bitcoin and Ethereum exchange-traded funds recorded their first week of combined net inflows since late October, with bitcoin ETFs adding $70.1 million and Ethereum ETFs contributing $312.6 million during the shortened Thanksgiving trading week. The positive flows ended multi-week outflow streaks that had totaled over $4.3 billion for bitcoin and $1.7 billion for Ethereum products.

BitMEX co-founder Arthur Hayes projects Bitcoin could reach $500,000 by the end of 2026, driven by anticipated quantitative easing policies. He identifies the November decline to $81,000 as the cycle's probable bottom rather than structural weakness. Hayes argues the strongest rally phase has not yet begun, contingent on Federal Reserve policy shifts including potential leadership changes.

Binance's Bitcoin reserves have declined by $20 billion since mid-August, dropping from $71 billion to approximately $51 billion, data show. Tether holdings across TRC20 and ERC20 networks surged from $26 billion to over $50 billion during the same period, reaching an all-time high. Analysts view the shift as a bullish signal, indicating traders hold significant liquidity for potential market re-entry.