By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin's BTC$90,530.07 recovery has stalled just above $91,000 in the past 24 hours, though the broader market shows modest strength with the CoinDesk 20 (CD20) Index up 0.5% and the CoinDesk 80 (CD80) Index gaining 1%.

The market has stabilized since last Friday, when the BTC price nearly fell to $80,000 on some exchanges. Since then, it has risen 11%, triggering larger bounces in major altcoins such as ether ETH$2,990.74, XRP$2.2044 and solana SOL$135.68.

The short-term outlook looks constructive, as volatility gauges for BTC and U.S. stocks have pulled back, wiping out that nasty recent spike. Plus, BTC and ETH's options markets show less appetite for put protection, suggesting traders aren't as spooked about downside anymore. The reset is mostly driven by renewed speculation the Fed is about to cut interest rates.

However, the crypto market breadth remains bearish. A total of 85 of the top 100 coins by market value, including BTC and ETH, are trading below their 50-day simple moving averages (SMA). In other words, only 15 tokens traded higher, pointing to a constructive near-term outlook.

Furthermore, 83 coins are holding below their 200-day SMAs, suggesting that while BTC's price bounce is impressive, it's still well short of confirming a bullish revival.

Nasdaq breadth looked healthier by comparison, suggesting equities are enjoying stronger participation than the crypto market. On Wednesday, 55 of the top Nasdaq 100 Index stocks traded below their 50-day SMAs, with 48 lingering under their 200-day SMAs.

Turning crypto breadth bullish will hinge more on what Fed Chair Powell says at the Dec. 9-10 meeting than the widely expected 25 basis-point cut, which markets have already priced in. If he signals aggressive easing next year, most coins could reclaim key SMAs, confirming a bullish revival. Otherwise, the bounce risks fizzling. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

• Crypto
  • Nothing scheduled.
• Macro
  • Nov. 28, 7 a.m.: Brazil Oct. Unemployment Rate Est. 5.5%.
  • Nov. 28, 7 a.m.: Mexico Oct. Unemployment Rate Est. 2.8%.
  • Nov. 28, 8:30 a.m.: Canada Q3 GDP Growth Rate. Annualized Est. 0.5%, QoQ (Prev. -0.4%).
• Earnings (Estimates based on FactSet data)
  • Nothing scheduled.

Token Events

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

• Governance votes and calls
  • The Graph Council is voting to implement a Rewards Eligibility Oracle (REO) that restricts indexing rewards to Indexers meeting minimum uptime and service quality standards to better align incentives with network performance. Voting ends Nov. 30.
• Unlocks
  • JUP$0.2465 unlocks 1.76% of its circulating supply worth $13.53 million.
  • Nov. 29: Hype to unlock 2.68% of its circulating supply worth $318.92 million.
  • Nov. 30: KMNO to unlock 5.65% of its circulating supply worth $10.59 million.
• Token Launches
  • ESPORTS$0.4601 lists on Kraken.
  • Nov. 30: Centrifuge’s token migration window closes.

Conferences

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

• Day 3/3: Excellence in Digital Banking International Summit 2025 (Amsterdam)
• Day 2/2: The Digital Asset Conference III (London)

Market Movements

• BTC is up 0.21% from 4 p.m. ET Thursday at $91,614.58 (24hrs: -0.02%)
• ETH is up 0.68% at $3,053.45 (24hrs: +0.51%)
• CoinDesk 20 is up 0.32% at 2,973.73 (24hrs: +0.52%)
• Ether CESR Composite Staking Rate is up 1 bps at 2.84%
• BTC funding rate is at 0.0062% (6.8427% annualized) on Binance

• DXY is up 0.13% at 99.69
• Gold futures are up 0.53% at $4,187.40
• Silver futures are up 1.71% at $53.82
• Nikkei 225 closed up 0.17% at 50,253.91
• Hang Seng closed down 0.34% at 25,858.89
• FTSE is up 0.17% at 9,710.49
• Euro Stoxx 50 is unchanged at 5,651.99
• DJIA closed on Wednesday up 0.67% at 47,427.12
• S&P 500 closed up 0.69% at 6,812.61
• Nasdaq Composite closed up 0.82% at 23,214.69
• S&P/TSX Composite closed unchanged at 31,196.71
• S&P 40 Latin America closed up 1.54% at 3,142.49
• U.S. 10-Year Treasury rate is up 1.5 bps at 4.013%
• E-mini S&P 500 futures are up 0.1% at 6,835.00
• E-mini Nasdaq-100 futures are up 0.18% at 25,347.75
• E-mini Dow Jones Industrial Average Index futures are up 0.11% at 47,542.00

Bitcoin Stats

• BTC Dominance: 59.14 ( -0.12%)
• Ether-bitcoin ratio: 0.03341 (1.2%)
• Hashrate (seven-day moving average): 1,081 EH/s
• Hashprice (spot): $38.57
• Total fees: 2.92 BTC / $266,762
• CME Futures Open Interest: 137,300 BTC
• BTC priced in gold: 22 oz.
• BTC vs gold market cap: 6.13%

Technical Analysis

• The chart shows bitcoin's hourly price changes along with the 50-hour and 200-hour simple moving averages (SMA).
• Over the past day, the price has held between $90,500 and $92,000, creating a sideways channel.
• The series of higher lows and higher highs chalked out since last Friday, and the bullish crossover of the two averages suggests the range play could resolve to the upside.

Crypto Equities

U.S. markets were closed on Thursday due to Thanksgiving.

• Coinbase Global (COIN): closed on Wednesday at $264.97 (+4.27%), +1.38% at $268.62 in pre-market
• Circle Internet (CRCL): closed at $72.64 (+3.61%), +1% at $73.37
• Galaxy Digital (GLXY): closed at $26.24 (+2.98%), +1.71% at $26.69
• Bullish (BLSH): closed at $42.84 (+5.78%), +0.37% at $43
• MARA Holdings (MARA): closed at $11.11 (-0.54%), +1.62% at $11.29
• Riot Platforms (RIOT): closed at $14.96 (+3.96%), +1% at $15.11
• Core Scientific (CORZ): closed at $16.18 (+4.05%), +0.43% at $16.25
• CleanSpark (CLSK): closed at $13.45 (+13.79%), +1.19% at $13.61
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $46.12 (+5.66%), +1.82% at $46.96
• Exodus Movement (EXOD): closed at $17.79 (+21.43%), +9.33% at $19.45

Crypto Treasury Companies

• Strategy (MSTR): closed at $175.64 (+2%), +0.75% at $176.96
• Semler Scientific (SMLR): closed at $20.68 (+1.77%), +0.43% at $16.25
• SharpLink Gaming (SBET): closed at $10.25 (+3.22%), +1.07% at $10.36
• Upexi (UPXI): closed at $2.78 (-7.02%), +1.08% at $2.81
• Lite Strategy (LITS): closed at $1.92 (+4.35%), +2.08% at $1.96

ETF Flows

Spot BTC ETFs

• Daily net flows: $21.1 million
• Cumulative net flows: $57.62 billion
• Total BTC holdings ~1.31 million

Spot ETH ETFs

• Daily net flows: $60.8 million
• Cumulative net flows: $12.89 billion
• Total ETH holdings ~6.25 million

Source: Farside Investors

While You Were Sleeping

• Bitcoin and S&P 500 Year-End Bull Run Loading? Vol Metrics Say Yes (CoinDesk): Options-based volatility indexes for bitcoin and the S&P 500 have dropped sharply, suggesting traders see less need for downside protection as Fed rate-cut hopes improve.
• Solana Traders Hit by Months-Long Browser Malware That Skimmed Every Swap (CoinDesk): A Chrome extension masquerading as a Raydium trading assistant quietly diverted fees from user swaps for months, using concealed transaction logic to funnel part of each trade to an attacker’s wallet.