Overview
- After a seven-month low near $81,000 last week, Bitcoin rebounded to roughly $90,000 on Wednesday, trimming part of a November slide that wiped out more than $1 trillion in crypto market value.
- Price action is repeatedly stalling in the $88,000–$92,000 zone, with negative funding and lower open interest underscoring cautious participation during the rebound.
- U.S. spot Bitcoin ETFs saw about $3.6 billion in November outflows, a dynamic that is shaping volatility and weakening the market’s demand backstop.
- Options flow includes roughly $2 billion in long call‑condor blocks targeting December 2025 outcomes near $100,000–$118,000, while short‑dated implied volatility, backwardation and negative skew suggest downside protection remains in demand.
- On‑chain signals are mixed as whales trimmed before the drop but 100‑BTC‑plus wallets have risen slightly, and strategists warn that a break below about $84,000 could risk a deeper decline, with one Bloomberg analyst flagging $50,000 as a possible downside area.