Bitcoin held its ground above the $90,000 support level on Thursday, benefiting from a pause in US trading activity during the Thanksgiving holiday and sparking fresh optimism that a more sustained recovery may be forming.
Data from market tracking platforms showed BTC/USD stabilizing after hitting weekly highs near $92,000 earlier in the day.
The lack of a Wall Street session removed short-term selling pressure, offering bulls a temporary window of relief.
Traders said attention now turns to the critical resistance zone near the 2025 yearly opening price at just over $93,000.
Crypto analyst Michaël van de Poppe described the area as a pivotal barrier that could determine Bitcoin’s next major move.
“If this levels breaks, Bitcoin is back up to $100K,” he wrote on X.
He added that the latest upswing represented “a pretty strong bounce upwards,” but cautioned he wanted to see “some consolidation” before a decisive breakout attempt.
Market liquidity indicators suggest that a substantial cluster of resting orders sits between $97,000 and $98,000.
Trader Daan Crypto Trades identified this zone as a key near-term upside target, noting that heavy sell-offs from earlier in the month created a “big liquidity pocket” at that level.
He pointed out that the region also aligns with a horizontal price structure that could attract both short-covering and breakout buyers.
Some traders maintain that a retest of $88,000 would not be unexpected, with van de Poppe saying he “wouldn’t mind” such a move and arguing that the broader crypto bull cycle remains “far from over.”
On-chain indicators show improving conditions underneath the surface.
J. A. Maartunn, a contributor to analytics platform CryptoQuant, reported that spot taker cumulative volume delta — a measure that has hovered in negative territory — has recently moved back toward neutral.
He described the shift as a “significant step forward” for market recovery.
Earlier this month, analysts highlighted the negative trend in spot taker CVD as one of several risk factors as Bitcoin traded above $100,000.
CryptoQuant researchers now argue that data across spot, futures, and on-chain markets reflects the unwinding of what they termed a “leveraged phase.”
In a recent analysis, XWIN Research Japan wrote that the market is showing signs of longer-term capital returning, citing a retail futures activity indicator that has flipped green and historically aligns with key market turning points.
The current stabilization comes after a volatile stretch for Bitcoin.
Earlier in November, the market wrestled with heavy selling and rapid liquidations tied to broader macro uncertainty and rising geopolitical tensions.
Despite that turbulence, Bitcoin’s ability to hold $90,000 suggests buyers are actively defending strategic levels as the year heads into its final weeks.
With holiday-related lower volumes and upcoming macro events likely to influence market direction, traders say Bitcoin’s next moves could define the opening narrative for 2026.
For now, the return of bullish sentiment, improving liquidity conditions, and on-chain stabilization are raising hopes that the recent rebound may be more than a temporary pause.
