Crypto Technical Analysis Report | 28th November 2025

Crypto market sentiment is finally starting to stabilize. Bitcoin is finding support above the $90,000 level, and interestingly, traders now appear more constructive than they were earlier this month, even when BTC was still holding above $100,000. The shift highlights how quickly sentiment resets once excess leverage is flushed out. The Crypto Fear & Greed Index reflects this improvement as well. The indicator climbed to 25 on Friday — still in “Extreme Fear” but up from 22 the prior day and nearly 10 points higher than its reading on Nov. 13, the last time Bitcoin traded above six figures. Historically, spikes in bearish tone across social media have often aligned with inflection points for crypto, with heavy pessimism preceding periods of renewed upside momentum.

Bitcoin pushed back above $90,000 this week, but on-chain data suggests the rebound is still fragile. The move was supported by a dense cost-basis cluster around $84,000 — more than 400,000 BTC were accumulated in this band, creating a clear structural floor. However, while the base is strong, participation above it is not. Spot demand has been thin, liquidity remains shallow, and the rally has been moving through price levels with very little active buyer engagement. For Bitcoin to maintain levels above $90,000, the market needs to shift from relying on past accumulation to generating fresh, consistent spot demand. So far, that hasn’t materialized. Key indicators — from open interest to cumulative volume delta — show limited follow-through after the recent bounce. The move through $84,000, $86,000, and $90,000 was driven largely by short-liquidation pockets rather than genuine buying. Funding remains close to neutral, reinforcing the view that derivatives positioning is cautious and leverage continues to unwind in a controlled manner.

A more convincing bullish structure would require open interest to rebuild on the long side and a shift toward sustained positive funding backed by real demand, not just forced short covering. Until that develops, Bitcoin’s hold above $90,000 rests on uneven ground.

Ethereum has bounced 15% off last Friday’s $2,623 low, but the recovery hasn’t translated into renewed confidence. Derivatives positioning shows that top ETH traders are still avoiding bullish leverage, and falling network fees point to softer on-chain activity — both signs that the market isn’t yet prepared to support a sustained move higher. The sharp 20% selloff on Oct. 10 remains a psychological overhang. The liquidation cascade across centralized and decentralized platforms wiped out significant leverage and dealt a major blow to trader sentiment. At the same time, Ethereum’s TVL dropped from $99.8 billion on Oct. 9 to $72.3 billion, according to DeFiLlama — a steep contraction that reflects reduced capital deployment and a more conservative risk appetite.

With on-chain deposits thinning and investors increasingly focused on tech equities and bond markets, ETH faces a challenging path toward reclaiming the $4,000 level. For now, the burden of proof rests on the bulls, and the market needs a broader pickup in demand — both on-chain and in derivatives — before Ethereum can stage a convincing breakout.

Technical Outlook:

BTC:

BTC, after making a new all-time high of $126,199, witnessed a sharp fall as the price plunged nearly 20% to $102,000. Following this move, the asset traded in a range between $116,000 and $107,000, forming a Symmetrical Triangle pattern. BTC broke below this range and fell another 25%, making a low of $80,600. Bulls defended the $80,000 support, and the price recovered almost 14% to $91,950. BTC faces strong resistance at $93,500 and $100,000, while $87,500 and $80,000 will act as strong support levels.

ETH:

ETH, after making a new all-time high of $4,956, saw a sharp decline of nearly 39%, dropping to $3,054. The asset attempted to find support at the psychological $3,000 level and began consolidating in a range. ETH eventually broke below the range and made a recent low of $2,623. The asset did not close below the $2,725 support level (61.8% Fibonacci retracement) and recovered nearly 17% to $3,071. ETH has strong resistance at $3,150, and a further rally requires a break and sustained move above this level.

BAT:

BAT formed a Double Bottom pattern at $0.1078 with a neckline at $0.175. The asset broke above the neckline and rallied sharply to $0.269 with strong volumes. BAT has resistance at $0.30, and further upside requires a confirmed break above that level, while $0.24 and $0.20 will serve as strong support zones.

Weekly Snapshot:

Market Updates:

• South Korea’s largest crypto exchange, Upbit, temporarily froze deposits and withdrawals on Thursday after detecting about $36 million in unauthorized outflows from a Solana-network hot wallet.

• Blockchain data shows the Royal Government of Bhutan has staked 320 Ether worth about $970,000 through Figment, marking the latest on-chain activity from the Himalayan state as it expands its crypto holdings and validator operations.

• Solana-based memecoin Bonk is now trading on Switzerland’s SIX Swiss Exchange after Bitcoin Capital listed a regulated exchange-traded product (ETP) tied to the token.

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