The cryptocurrency market showed signs of a rebound on November 27, with Bitcoin reclaiming the $90,000 level and major altcoins posting modest gains. The total crypto market capitalization climbed 3.6% to $3.2 trillion, signaling a potential recovery from the sharp pullback earlier in the month. The upward momentum appears driven by renewed optimism around macroeconomic policy and on-chain metrics suggesting an overheated market has cooled.

As of press time, Bitcoin was trading at $91,404, marking a 4.6% increase over the past 24 hours. Ethereum rose 3.8% to $3,038, while BNB gained 3.6% to reach $895 and XRP traded 1.3% higher at $2.20. Other tokens in the top 100, including Hyperliquid, Mantle, and Sky, saw even stronger gains between 6% and 10%. Despite the positive movement, overall market sentiment remains cautious, with the Crypto Fear & Greed Index rising seven points to 22 but still in the “extreme fear” category.

Macro Factors Bolster Market Sentiment

A cooling U.S. labor market and softer inflation data have revived expectations for a Federal Reserve rate cut in December, with markets pricing in a roughly 85% probability. Fed Governor Christopher Waller noted that delayed reports from the recent government shutdown would provide a clearer economic picture, a comment investors interpreted as supportive of a more lenient monetary policy. The formal end of quantitative tightening on December 1 is also expected to inject more liquidity into risk assets like crypto.

Adding to the positive sentiment are rumors that Kevin Hassett, a former Trump adviser with ties to Coinbase, is a frontrunner for the next Fed Chair. This speculation, combined with progress in a potential Ukraine settlement and U.S.–China trade talks, helped reduce geopolitical risk and lift global stocks, with crypto following suit.

On-Chain Indicators Point to a Technical Correction

Technical data suggests the market may be emerging from its corrective phase. An analysis from CryptoQuant indicates that overheated leverage in Bitcoin futures and spot markets has eased, allowing long-term capital to re-enter. Open interest fell from $37 billion to $29 billion during the downturn, effectively flushing out excess leverage from the system.

While short-term holders realized over $900 million in losses—often a sign of capitulation near a market bottom—large-scale investors have been accumulating. Whale addresses holding between 10 and 1,000 BTC steadily increased their positions throughout the price decline, a pattern historically seen before a new uptrend begins. Analysts like Galaxy Digital’s Mike Novogratz and BitMine’s Tom Lee see a potential push toward $100,000 before the end of the year.

However, the path forward isn’t guaranteed. If Bitcoin fails to maintain support at $88,000, it could fall back toward the $80,000 level or lower. For now, the early signs of stabilization and rising spot demand suggest the market is attempting to rebuild momentum as November comes to a close.

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