Bitcoin (BTC) Rebounds From Morning Dip as Crypto Traders Prepare for Thanksgiving

The leading cryptocurrency fell below $96,000 during the afternoon, only to recover losses as the evening progressed.

Bitcoin price recovered from its morning fall as cryptocurrency investors geared up for Thanksgiving.

What Happened: Leading cryptocurrency dropped below the $96,000 mark during the afternoon, only to recoup losses as the evening progressed.

On Friday, the asset came close to the record $100,000 level before being met with a strong pushback from the bears, stalling its advance.

Ethereum, the second-largest cryptocurrency by market capitalization, failed to mirror its senior token’s comeback, concluding the 24-hour period down by nearly 2%.

The sharp correction led to mayhem in the cryptocurrency derivatives market, with over $511 million getting liquidated in the last 24 hours. Of the total liquidations, about $380 million belonged to leveraged long bets.

Bitcoin’s Open Interest (OI) dropped marginally by 0.20%, while the number of short positions for the coin surged dramatically against longs in the last 24 hours.

According to the Cryptocurrency Fear and Greed Index, market sentiment remained in the "Extreme Greed" zone, indicating a desire to buy more.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.33 trillion, following a marginal contraction of 0.69% in the last 24 hours.

Stock futures inched higher Sunday night. The Dow Jones Industrial Average Futures rose 226 points, or 0.51%, as of 7:45 p.m. EDT. Futures tied to the S&P 500 gained 0.42%, while Nasdaq 100 Futures added 0.49%.

The shortened Thanksgiving trading week would see the release of October's personal consumption expenditure (PCE) data, the Federal Reserve's preferred inflation measure.

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Analyst Notes: Chris Kline, COO and Co-Founder of BitcoinIRA, highlighted the strong interest in Bitcoin in a note to Benzinga.

"Bitcoin appears to be crossing the Rubicon, garnering enthusiasm among those discussing economic policy at the national level, both in the US and across the globe," said Kline.

He also noted the elevation of Bitcoin proponents to cabinet-level positions in the incoming Donald Trump administration, which could potentially clear up the "murky regulatory waters."

Widely-followed cryptocurrency analyst Ali Martinez predicted Bitcoin to peak between June and September 2025 in the ongoing bull cycle.

"Long-term Bitcoin holders are showing signs of growing greed! Historically, this behavior suggests it could take 8–11 months for BTC to hit a market top,” stated Martinez.

Long-term #Bitcoin holders are showing signs of growing greed! Historically, this behavior suggests it could take 8-11 months for $BTC to hit a market top. If the trend holds, we might see a potential peak between June and September 2025! pic.twitter.com/UacfaQb5VW

Photo by Igor Faun on Shutterstock

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