Bitcoin (BTC) staged a relief rally on Nov. 26, rising alongside U.S. equities heading into the U.S. Thanksgiving holiday.
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Bitcoin rose 4% to cross back above the key support level of $90,000, giving some hope to crypto investors who have watched the largest digital asset sink over the past month. BTC had fallen 33% from an all-time high of $126,000 on Oct. 6, down to $84,200 on Nov. 22.
Analysts have attributed the steep selloff to a forced liquidation event on Oct. 10 when heavily leveraged investors were forced to sell as crypto prices began to fall. Investors’ risk appetite has also waned as expectations for further interest rate cuts in the U.S. decline and amid worries about high stock valuations.
BTC Relief Rally
Some analysts are referring to the rise in BTC and other cryptocurrencies such as Ethereum (ETH) on Nov. 26 as a relief rally with investors looking ahead to year-end and 2026. U.S. stocks rose on the day for a fourth consecutive trading session, with all three American indices finishing in the green.
Ethereum gained 3% on the day and rose back above the critical support level of $3,000 amid a widespread rally in digital assets. Markets enter the Thanksgiving holiday on Nov. 27 in positive territory, with the benchmark S&P 500 up 16% this year.
Is Bitcoin a Buy?
Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of Bitcoin has fallen 21.85% in the last 12 weeks.
