Bitcoin is firmly back above $91500. In the last 24 hours the entire crypto market gained more than $130 billion, pushing total capitalization once again comfortably exceeding $3.2 trillion.
The move feels almost seasonal: low holiday volumes often produce these calm, upward drifts, and today is no exception. Most traders are sitting on their hands until Sunday or Monday, treating the long weekend as a natural pause rather than a moment to force new positions.
Bitcoin Surges Past $91500 — Holiday Rally Kicks Off
Why the surge right now?
Pre-holiday pumps like this are almost tradition. Trading volume drops, big players step away for the long weekend, and price often makes a quiet but steady upward move. Most traders are staying patient and keeping powder dry until Sunday or Monday.
Key levels to watch in the coming days
Short-term traders are eyeing the $91000 – $92000 zone as potential near-term resistance. Many would actually welcome a healthy pullback toward $88000 — it would offer a much better risk-reward entry. Lower down, significant liquidity is stacking in the $85–86K area, exactly where the real fireworks could restart after the holidays.
Technical picture looks promising
On the 4-hour chart Bitcoin is forming a broadening descending wedge — a pattern that has repeatedly marked major bottoms in the past. A clean breakout and close above $100,000 would set the bulls up for an explosive December.
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New growth driver taking over
More and more analysts believe the classic four-year halving cycle is fading into the background. Global liquidity and fiscal policy are now the main forces moving Bitcoin. As long as central banks and governments keep the money flowing, risk assets — including BTC — continue finding strong support right when fear peaks.
Bottom line
The bounce is powerful, market structure is improving, and sentiment is unmistakably bullish. The post-holiday reaction at resistance will tell us whether six-figure Bitcoin arrives before the new year.
On November 26, 2025, Bitcoin traded almost unchanged, hovering near the $87,300 level with noticeably lower volume ahead of the U.S. Thanksgiving holiday weekend. The leading cryptocurrency has been consolidating in a tight range for the past couple of days, but a significant downside risk is emerging: corporations that aggressively accumulated BTC as a treasury reserve asset throughout 2025 may soon turn into net sellers.
From Tailwind to Headwind: Corporate Bitcoin Holders Reconsider Their Strategy
One of the key drivers behind Bitcoin’s impressive rally earlier this year now threatens to become a major headwind. According to a recent Financial Times report, a growing number of publicly traded companies that loaded up on Bitcoin are questioning whether it still makes sense to hold the asset, especially as it continues to lag behind traditional performers such as gold and broad equity indices.
Some firms have already begun offloading their holdings. For instance, Sequans Communications recently liquidated approximately $100 million worth of BTC. More companies could follow suit, gradually increasing the available supply on the market and putting downward pressure on the price.
Data tracked by BitcoinTreasuries.net shows that more than 100 listed companies now hold Bitcoin on their balance sheets. The 100 largest corporate holders collectively own 1,058,564 BTC, while the remaining smaller players control an additional 2,759 coins.
Many of these firms originally adopted Bitcoin not out of ideological conviction, but because they were trying to emulate MicroStrategy’s highly publicized success. The software company (now rebranded as Strategy) turned itself from a struggling enterprise-software provider into a multi-billion-dollar vehicle largely tied to its Bitcoin holdings. However, that “Bitcoin premium” appears to be evaporating: Strategy’s market capitalization has slipped to around $49 billion, well below its recent peak of $56 billion.
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The same pattern is visible elsewhere. Japan’s Metaplanet, the most prominent Bitcoin treasury adopter in Asia, currently has a market cap of roughly $2.6 billion—meaning it trades at a sizable discount to the ~$3 billion fair value of its BTC stash. Several U.S.-listed companies, including GD Culture Group, Semler Scientific, and MicroCloud Hologram, are also valued by the market at less than the net asset value of their cryptocurrency holdings (NAV multiple < 1.0).
For many of these firms, selling Bitcoin to repurchase undervalued shares has become an attractive option, especially after sharp declines in their stock prices.
Additional Bearish Pressures: Slowing ETF Inflows
Beyond corporate selling, Bitcoin faces other challenges. Inflows into U.S. spot Bitcoin ETFs have slowed dramatically in recent months. Collectively, these funds have recorded net outflows of $3.57 billion in November alone—the worst monthly performance since February 2025, when they lost $3.56 billion.
Technical Outlook Points to Further Declines
From a chart perspective, the bullish momentum has clearly stalled. After reaching $88,985 on Monday, BTC has retreated to around $86,830 at the time of writing. The price remains below both the 50-day and 200-day moving averages, which formed a death cross earlier this month. It has also broken below the Supertrend indicator and the crucial resistance at $107,325—the neckline of a large double-top pattern that has its ultimate peak near $124,300.
Given the current setup, the path of least resistance appears to be lower. The initial downside target sits at $80,636, November’s swing low. A decisive break beneath that level would invalidate the broader double-bottom formation and open the door to a deeper correction, potentially toward the April 2025 low near $74,700.
In summary, mounting selling pressure from corporate treasury holders, combined with fading institutional inflows and an unfavorable technical picture, significantly raises the risk of a sharp Bitcoin pullback in the near term.
