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Major players have returned and the crypto market is growing: what’s next
Bitcoin
From November 21 to 28, 2025, Bitcoin gained 7.42%. After a brief period of price decline, BTC is once again trading above $90,000. Most of the week was dictated by buyers: five out of seven trading sessions ended in the green.
One of the main catalysts for the growth of the first cryptocurrency last week was a statement by representatives of the financial conglomerate JP Morgan about the upcoming Federal Reserve decision on the credit rate in December. According to banking specialists, the head of the regulator — Jerome Powell — will announce a 25-basis-point rate cut. In other words, loans will become slightly cheaper, which means American investors’ appetite for risk will increase.
Given that the crypto industry’s sentiment regarding interest rates had recently been negative due to several hawkish statements by Powell, JP Morgan’s forecast had an encouraging effect. It is worth noting that on the prediction platform Polymarket, the probability of an interest rate cut by the Fed increased fourfold. On November 20, the probability of a 25-basis-point cut was estimated at 22%, and on November 28 — already 87%.
A positive factor was the strategy corporate investors adhered to when the price of the largest cryptocurrency by market cap dropped to $80 000: Buy the dip. Buying during the decline led to an increase in the number of addresses holding more than 1,000 BTC.
Glassnode analysts take a more cautious approach to assessing Bitcoin’s position at the end of autumn 2025. They draw attention to the realized profit/loss ratio among short-term investors. It now stands at 0.07x — a low value. A neutral situation is considered when the metric reaches 4.3x. If the current state continues for a long time, as it did during the bear market of 2022, a liquidity problem may arise and Bitcoin may fall again to the $81,000 area or even lower.
In spot Bitcoin ETFs, the weekly outflow of funds was almost equal to the inflow, exceeding it by only $1.32 million. Over the last two days, investors preferred investing in ETFs rather than withdrawing money. The trading week for U.S. spot ETFs was shortened because of Thanksgiving Day on November 27, which was a public holiday.
From the standpoint of technical analysis, Bitcoin’s trend remains downward. This is confirmed by the price being below the 50-day moving average (shown in blue). A slightly positive moment for buyers is the RSI exiting the oversold zone. However, the oscillator remains below 50, indicating seller dominance. It is now important for Bitcoin to consolidate above the $91,300 resistance level. If this succeeds, growth toward the next resistance at $98,240 is possible. The support level is the November 2025 low — $80,537.
The Fear and Greed Index increased by eleven points compared to last week. The current value is 25, still indicating that extreme fear dominates among crypto investors.
Ethereum
From November 21 to 28, Ether rose by 8.98%. The second-largest cryptocurrency by market cap once again exceeded the psychologically significant $3000 mark. This was achieved thanks to five consecutive days of growth — from Saturday, November 22, to Wednesday, November 26.
As with Bitcoin, Ether whales used the recent dip to buy. The most active buyer among ETH accumulators was BitMine Immersion Technologies, which holds the largest ETH reserve. According to recent data, the company increased its Ether holdings to 3% of the total coin supply. According to Arkham Intelligence, BitMine’s latest purchase was made on November 28 — an additional 14,618 ETH for $44.34 million. Such actions inevitably pushed the price upward.
The series of days during which spot Ether ETFs recorded net inflows has reached four in a row. The results remain modest: not a single session saw more than $100 million in inflows. However, given that the previous eight days saw only outflows, it can be stated that investor interest in spot ETH ETFs is returning.
The gas limit in the Ethereum mainnet has reached 60 million. This will automatically increase the effective block size, improving the base-layer scalability. The increase coincided with the upcoming Fusaka hard fork scheduled for December. Expanding the gas limit is not a revolutionary idea — the process began in March 2024. According to Ethereum Foundation researcher Toni Wahrstätter, 60 million is not the limit:
“Only a year has passed since the community began raising the limits. Ethereum now supports a block gas limit of 60 million. This is a twofold increase in a year — and it’s only the beginning.”
From the perspective of technical analysis, Ether’s trend is downward. Indicators confirm this: the price is below the 50-day moving average (blue). Additionally, the VM– line (pink) of the Vortex indicator is above the VM+ line (orange). Importantly, the trend is weakening: the gap between VM– and VM+ has narrowed in recent days. Ether is currently around the $3057.8 resistance level. If it consolidates above it, a move toward the next resistance at $3355.9 is possible. The nearest support level is $2621.
Ripple
Ripple’s cryptocurrency rose by 12.87% from November 21 to 28. Essentially, the entire growth occurred over two days — November 23 and 24 — when XRP gained 5.08% and 8.71% respectively. For the rest of the week, XRP showed nearly flat dynamics.
One reason for Ripple’s growth was the reduction of coin reserves on major centralized exchanges (CEX). For example, according to CryptoQuant, Binance’s XRP reserve is slightly above 2.71 billion coins — the lowest in the last 18 months. Typically, decreasing exchange reserves signals investors’ reluctance to trade the cryptocurrency and their desire to accumulate it. During such periods, the price tends to rise.
There are still few spot ETFs for XRP in the U.S. — only four — and they have traded for only ten sessions. Nevertheless, nine out of ten days recorded inflows. Total inflows have already exceeded $640 million, showing strong investor interest in new XRP-based ETF products.
Additional optimism for Ripple investors comes from the progress of the company’s stablecoin, RLUSD. On November 27, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi announced that all companies licensed by the regulator can now use RLUSD in the Abu Dhabi Global Market (ADGM). Interestingly, this is not the first time the UAE has given the green light to Ripple’s stablecoin: back in 2024, RLUSD received approval from the Dubai Financial Services Authority (DFSA).
From a technical analysis perspective, XRP’s trend — like Bitcoin’s and Ether’s — is downward. The price is below the 50-day moving average (blue). The trend is weakening, however, as indicated by a drop in the ADX indicator to 24.32. The nearest support and resistance levels on the daily chart are $2.06 and $2.58 respectively.
Conclusion
The largest cryptocurrencies had a strong week, gaining over 7%. However, it is too early to celebrate. According to technical analysis, the bear trend remains strong, though it has weakened slightly in recent days.
See also: "CryptoQuant experts provided a forecast for Ethereum price movement"
