BTC Surges to $90K in Departure from Standard Pre-Thanksgiving Trends

Bitcoin Climbs Back Above $90K Ahead of Thanksgiving

Bitcoin defied typical pre-Thanksgiving weakness on Wednesday, reclaiming the $90,000 level after nearly a week below that threshold.

The U.S. morning session started quietly, but trading picked up in the afternoon, pushing bitcoin roughly 12% higher from a recent low near $80,000 last Friday. Even with the bounce, the cryptocurrency is still down 3% over the past week, 21% over the past month, and 28% from its all-time high of $126,000.

Historically, the Wednesday before Thanksgiving has been a weak period for bitcoin, with declines in six of the past seven years, including notable drops in 2020 and 2021.

The midweek rally comes amid continued skepticism. On Wednesday, the Financial Times, a long-standing crypto critic, ran three bearish articles highlighting ongoing concerns in the sector.

At press time, bitcoin was trading just above $90,000, up nearly 3% over 24 hours.

“Volatility is easing after reaching its highest level since April, as trading volumes remain lower during Thanksgiving week,” said Jasper De Maere, desk strategist at Wintermute. “Thin markets tend to soften sharp swings.”

Options data indicate traders expect bitcoin to remain in a tight range, focusing on selling call options and strangles between $85,000 and $90,000, with limited downside protection. “The market appears comfortable fading moves on either side rather than betting on a breakout,” De Maere added.

With the long Thanksgiving weekend approaching, lighter trading volumes are expected to keep major price swings in check, maintaining a relatively stable market heading into the holiday.