Bitcoin Reclaims $90K Ahead of Thanksgiving as Traders Bet on Stability

Bitcoin BTC surged back above the $90,000 mark during a quiet pre-Thanksgiving trading session, recovering after nearly a week below that level. The rebound follows a recent dip to just under $80,000 last Friday, a move that briefly rattled the market before buyers stepped back in. Despite the latest upswing, bitcoin remains down 3% over the past week, 21% over the past month, and sits 28% below its all-time high of $126,000.

Historically, the Wednesday before Thanksgiving has been a bearish one for the crypto market, with declines recorded in six of the last seven years, including steep sell-offs in 2020 and 2021. Yet this year’s recovery suggests traders are cautiously optimistic even as skepticism resurfaces in mainstream financial circles. The Financial Times, long known for its critical stance on crypto, published three negative articles on Wednesday alone, prompting fresh “crypto obituary” rhetoric that often appears near market inflection points.

At the time of writing, bitcoin was hovering just above $90,000, gaining nearly 3% in the past 24 hours. According to Jasper De Maere, desk strategist at Wintermute, volatility has cooled since reaching its highest level since April. He attributes the calmer movement to thin holiday-week trading volumes, which tend to dampen sharp price swings.

Options data also suggests traders anticipate range-bound price action, with many selling call options and strangles around the $85,000–$90,000 zone. Only minimal downside protection is being purchased, indicating confidence that bitcoin will remain stable through the long holiday weekend. “The market looks comfortable fading moves on both sides rather than positioning for a breakout,” De Maere explained.

As the Thanksgiving weekend approaches, lighter trading conditions typically limit dramatic price moves, setting the stage for a quieter but closely watched stretch for the world’s largest cryptocurrency.