On November 26, 2025, BTC is in a state of consolidation with fluctuations. Although there has been a rebound, it is still overall affected by the weakness following the previous big dump. The forces of bulls and bears are temporarily balanced. The specific market analysis is as follows:

1. Basic market data: Today's BTC opened at 87327.08 USD and closed at 87237.05 USD, with a slight fall of 0.13%; the intraday high reached 88174.74 USD, and the low dipped to 86871.43 USD, with prices fluctuating within a narrow range. Compared to the high of over 126,000 USD in October, the cumulative drop has approached 30%.
2. Technical performance: The Bollinger Bands at the daily level continue to narrow, with prices in a sideways range. The MACD indicator shows signs of a golden cross, suggesting a potential short-term rebound opportunity; in the 4-hour cycle, prices are running in the lower-middle band of the Bollinger Bands, with the moving average system in a bearish arrangement. Short-term momentum has not significantly recovered, but during the rebound, trading volume has gently increased, and selling pressure has eased. Key support is concentrated in the $85,000 - $86,000 range, while resistance focuses on $88,800 - $90,000, with bulls and bears forming a dynamic balance around this range.
3. Market and capital situation: The continuous capital outflow from Bitcoin spot ETFs by institutions is still suppressing price rebounds. Since November, ETF capital outflows have reached 3.7 billion USD, setting a record. However, although the market fear index is still in the "extreme fear" zone, there is a slight recovery. The selling pressure from holders has also weakened, and the options market shows that the cost of downside protection has decreased, indicating that the stage of big dump is likely nearing its end. At the same time, the market's expectations for the Federal Reserve to cut interest rates have provided some confidence to investors and offered some emotional support for BTC.