Bitcoin (BTC) price continues to extend its gains today, November 27, rising by more than 5% in 24 hours to trade at $90,866 at press time. The king coin has been on a gradual uptrend over the past week, with the price surging by more than 14% since the November 21 lows of $80,600. Following these gains, BTC price is now trading above the fragile $81,000 to $89,000 range. As momentum builds on Thanksgiving Day, can the rally extend past $97,000?
Bitcoin Escapes Fragile Price Zone
In its most recent on-chain report, Glassnode noted that Bitcoin has been compressed within a fragile range between $81,000 and $89,000. It noted that with BTC trading within this zone, its structure echoes the Q1 2022 post-ATH period, adding,
“This current range echoes the same dynamic with market drifting lower, constrained by limited inflows and fragile liquidity.”
Glassnode also noted that the suppressed price movements have shifted liquidity conditions in favor of bears. This follows a drop in the Short-Term Holder Realized Profit/Loss ratio to 0.07x, highlighting overwhelming losses. This cohort is also underwater, with the STH cost-basis sitting at $104,600.
The report added that because of these losses, the market liquidity has evaporated as long-term holders, who purchased Bitcoin heavily in Q2 and Q3, are no longer spending.
At its current price above $90,000, Bitcoin is now above the fragile price zone. However, it needs to defend this zone as support to increase the likelihood of a bullish Q4.
Analyst Daan Crypto acknowledges this zone as crucial support, stating,
“The main region you need to be watching right now is this green $89K-$91K area. This held as support during the late 2024 and early 2025 chop. It then functioned as resistance during the tariff drama. When it broke out afterwards, we visited new highs.”
If history rhymes, and this support holds, Bitcoin price could be getting ready for a bullish rally towards the end of Q4.
$97,000 Target in Sight Amid Thanksgiving Day Rally
Bitcoin seems to be following its historic trends on Thanksgiving Day, whereby the price tends to record gains. Data from CoinMarketCap shows that in just 24 hours, BTC surged by 5%, while the 24-hour trading volumes were up by 24% to $73 billion.
Analyst CryptoRus expects the ongoing rally to last, observing that historically, the price of Bitcoin pimps in the 30 days after Thanksgiving, adding,
“The post-Thanksgiving window is known for volatile, fast-paced price action. Will BTC bring gravy with that pumpkin pie?”
Meanwhile, DaanCrypto identifies a liquidity zone above the price that could act as a magnet and pull prices higher. He noted that a big liquidity pocket currently lies in the $97,000 to $98,000 zone, and the price might move upwards to collect this liquidity.
With the spot selling pressure easing considerably and analysts calling out a bottom, it is likely that the Bitcoin price extends its gains after the Thanksgiving rally. However, even if the price breaks $97,000, it still needs to move above the STH cost-basis of $104,600 to confirm that a bull market is in play.
