Bitcoin (BTC) Rebounds, Approaches $100,000 Mark; Ethereum (ETH) Price Today November 28

Bitcoin (BTC), the world's oldest and most valued cryptocurrency, managed to recover from its downward trend and climbed above the $95,000 mark early Thursday.

Bitcoin price today: Cryptocurrency markets largely recovered on Thursday, with Bitcoin prices once again crossing the $95,000 mark. Among other popular altcoins, Ethereum, Solana, Ripple, and Litecoin saw 24-hour gains at the time of writing.

As per CoinMarketCap data, the global crypto market cap stood at $3.32 trillion, registering a 24-hour dip of 3.90 percent. In other crypto news, reports suggested that former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo is being considered by Donald Trump for the newly created role of “Crypto Czar” to oversee crypto policies.

Moreover, the U.S. Federal Reserve minutes hinted at “gradual rate cuts” amid a positive economic outlook, further boosting market sentiment. Bitcoin prices reached as high as $97,300 during this period. At this pace, BTC faced resistance at $99,300, with support at $93,400.

According to Edul Patel, co-founder and CEO of Mudrex, the Fed minutes highlighted “gradual rate cuts” in response to a positive economic outlook, which seemed to be boosting the market sentiment.

Patel added that the crypto market appeared to be recovering from a downturn that began with reports of a potential interest rate hike by the Bank of Japan in December. The last time the BoJ raised interest rates, BTC prices crashed below $50,000 in August this year.

Avinash Shekhar, Co-founder & CEO of Pi42, highlighted Bitcoin's strength as it rallied up to around $96,457 on positive U.S. inflation data and a potential Federal Reserve rate cut.

Shekhar mentioned that traders were bullish, and even technicals like MACD (moving average convergence divergence) indicated Bitcoin could go all the way to $100,000. Sell walls and market volatility posed challenges, but the overall positive sentiment remained, supported by strong order book liquidity.

Sathvik Vishwanath, CEO and co-founder of Unocoin, stated that the daily chart showed strong bullish momentum for Bitcoin, although recent price action had corrected after failing to reach $100,000.

Vishwanath added that the $90,000 support level remained intact and the RSI no longer signaled overbought conditions, indicating limited downside. However, the 4-hour chart showed a breakout from the ascending channel, indicating a potential reversal.

Shivam Thakral, CEO of BuyUcoin, highlighted Bitcoin's market showing a significant upward trend over the last 24 hours, with prices climbing nearly 4% to around $95,202.

Thakral mentioned that this rebound came after a slight decrease earlier in the week. Investors stepped in to support the market due to U.S. economic data that met expectations, increasing optimism for a potential Federal Reserve interest rate cut. Investors are growing optimistic about Bitcoin’s trajectory, with some predicting it could reach the desired $100,000 mark soon.