In the crypto world of November, calling it a roller coaster would be an understatement - Bitcoin plummeted directly by 30% from its peak of 126K in October, with the entire market capitalization evaporating by 600 billion USD in an instant. By the end of the month, the total market capitalization barely crawled back to 3.09 trillion.

The reversal after Thanksgiving is quite interesting. Market sentiment has gradually warmed up from "extreme fear" (Fear & Greed Index dropped to 10) to 20. Although it is still in the fear zone, Bitcoin has held the 90K defense line, and Ethereum is fluctuating around 3K. Many people are calling it a bear market, but if you take a closer look at the on-chain data, institutions are quietly bottoming out, and whale addresses are frequently accumulating coins—this feels more like a buildup before a bull market.

Let's take a look at the latest situation:
Bitcoin has rebounded 12% from its low of 83K, currently stabilizing at 90,784 USD (almost flat for the day), with a market capitalization of 1.81 trillion, accounting for 58.62% of the market share. On the technical side, the RSI shows oversold rebound signals, and the SOPR indicator has returned to 1.01— as long as it holds above the 90K support level, a push to 94K should not be a big issue.

Ethereum is performing even better. It violently surged 17% from 2.6K, currently at 2,993 USD (slightly adjusted by 1.34%), with a market capitalization of 361.3 billion. The Fusaka upgrade combined with Layer 2 expansion has truly improved performance by 8 times. The ETH/BTC ratio has risen by 0.3%, which is usually a signal that altcoin season is approaching.

The overall market has risen slightly by 0.15%, with a trading volume of 189.9 billion USD. The key focus now is December: the probability of a Federal Reserve rate cut is as high as 85%. If 6.6 trillion in liquidity is truly unlocked, Christmas could see a direct surge. Of course, it may also continue to decline gradually to test the bottom. If you hold coins, don't panic.