Bitcoin retests $85k as Ethereum holds above $2.7k

Market snapshot: BTC edges higher, ETH steadies

Bitcoin (BTC) staged a modest rebound on November 23, 2025, retesting the $85,000 area after intra‑day weakness pushed prices lower earlier in the session. Ethereum (ETH) has been trading in a narrower band, stabilizing above the $2,700 level following a period of consolidation. Overall market sentiment has been mixed, with short‑term volatility influenced by macroeconomic signals and capital flows into and out of crypto products.

Key price levels at a glance

• Bitcoin: recent low near $83,500, retest around $85,000; short‑term resistance clustered near mid‑$80k to low‑$90k EMAs.
• Ethereum: consolidating above $2,700, testing the $2,800–$2,900 zone; critical resistance at the 50‑day EMA near $3,000.
• Market breadth: selective risk appetite with rotational flows into certain crypto segments as traders weigh macro developments.

Bitcoin technical picture: retest of $85k

After dipping toward roughly $83,500 earlier in the 24‑hour window, Bitcoin buyers stepped in and pushed prices back to test the $85,000 area. Despite the intraday recovery, BTC remains below important short‑to‑medium term exponential moving averages (EMAs).

Technical indicators to monitor:

• 20‑day EMA: approximately $86,300 — reclaiming this level would signal short‑term momentum improvement.
• 50‑day EMA: near $90,300 — a decisive break above this would increase the likelihood of a sustained rally toward longer EMAs.
• 100‑day EMA: in the mid‑$90k range (around $95,075) — this marks a more significant resistance area where sell‑side interest may intensify.

For BTC to resume a stronger upward trajectory, price needs to recapture the 20‑ and 50‑day EMAs, which currently act as the first layers of resistance. Failure to hold above recent intraday lows could open the door for further downside testing of support zones established earlier in the year.

Ethereum update: consolidation above $2.7k

Ethereum’s price action has been less volatile than Bitcoin’s in the latest session, though ETH did follow the market pullback and briefly breached the $3,000 support region before stabilizing around $2,700–$2,800.

Key technical markers for ETH include:

• 20‑day EMA: near $2,823 — ETH is currently in the process of testing this short‑term moving average.
• 50‑day EMA: roughly $3,000 — clearing this level would be a notable sign of resumed upward momentum.
• Resistance band: on‑chain liquidation data indicates heavier resistance around $3,100–$3,600, where trader stop clusters and order interest are concentrated.

Market participants are watching whether ETH can hold above $2,700. A sustained breakdown below that pivot could expose lower supports in the $2,300–$2,400 area, while a successful push above $3,000 would likely attract renewed buying interest.

Macro forces and market flows shaping near‑term dynamics

Macro indicators have played a central role in recent price moves. Traders reassessed risk after a softer U.S. jobs print and dovish commentary from a senior central bank official, which together have increased the market‑implied probability of an interest‑rate cut.

• Fed‑cut odds: futures‑based indicators show a marked rise in the chance of a policy easing in the coming months. Elevated cut probabilities tend to encourage risk‑on positioning across asset classes, including crypto.
• ETF and fund flows: analytics covering institutional crypto products suggest net outflows over recent weeks, though intraday and daily flows can remain positive on occasion. These shifts in supply and demand can amplify price moves, especially in a market where institutional participation is significant.
• On‑chain metrics: liquidations and leverage concentration are evident at certain price bands, which can create pinning pressure as large stop clusters are triggered.

In 2025, the relationship between traditional macro markets and crypto has become more pronounced. As a result, developments such as central bank commentary, employment data and inflation readings now have a clearer and quicker impact on crypto market behavior than in prior years.

Institutional context: spot ETFs and liquidity trends in 2025

Since the introduction and subsequent maturation of spot Bitcoin exchange‑traded products in prior years, institutional participation has been an important structural factor for BTC’s price behavior. Flow patterns in 2025 show episodic outflows from some institutional products while retail and strategic buyers continue to provide liquidity at various levels.

What this means for traders:

• Large institutional outflows can increase short‑term selling pressure even as longer‑term holders maintain positions.
• Positive daily flow prints do not necessarily offset weekly or monthly outflows, and vice versa — the net effect depends on the scale and persistence of these flows.
• Liquidity can be fragmented across venues, so price reactions to large orders may be amplified during thin periods.

Sentiment and narrative drivers

Market narratives in late 2025 include discussions around regulatory clarity, network upgrades and the macroeconomic backdrop. For Ethereum, the upcoming network milestones and client upgrades remain topics of investor interest, with some participants viewing lower prices as buying opportunities ahead of potential protocol improvements.

Sentiment indicators currently reflect a cautious optimism: participants acknowledge near‑term risks but are also pricing in the possibility of renewed risk appetite if macro conditions become more favorable.

Factors traders are monitoring closely

• Central bank communications and economic data releases, especially U.S. employment and inflation prints.
• Net flows into and out of institutional crypto products and exchange wallets.
• On‑chain liquidation clusters and open interest levels across derivatives markets.
• Technical reclaim or rejection of key EMAs and horizontal support/resistance bands.

Scenarios for the coming weeks

Analysts and market participants typically frame the near term in scenario form. Below are plausible paths for BTC and ETH based on current data.

Bullish scenario

• BTC reclaims the 20‑day and 50‑day EMAs, establishing momentum that targets the 100‑day EMA in the mid‑$90k area.
• ETH holds above $2,800, clears the 50‑day EMA near $3,000 and attracts buyers pushing toward the $3,300–$3,600 resistance band.
• Macro readings continue to soften and implied rate‑cut probabilities remain elevated, supporting risk appetite.

Bearish scenario

• Failure to hold short‑term support leads BTC to revisit lower Fibonacci and horizontal support zones, increasing pressure on leveraged positions.
• ETH slips below $2,700 and tests lower supports between $2,300–$2,400, as liquidation clusters exacerbate declines.
• Macro surprises or a recalibration of rate expectations trigger a rapid repricing of risk assets.

Risk management and trade considerations

Given current volatility and the interconnectedness with traditional markets, active risk management is essential. Traders and investors should consider:

• Position sizing that limits exposure to any single move.
• Using stop levels informed by technical support and resistance rather than arbitrary percentages.
• Monitoring order book depth and derivatives open interest to anticipate potential squeezes.
• Keeping a multi‑timeframe view: intraday signals can differ materially from weekly or monthly trends.

Outlook: 2025 market dynamics and what to watch

As 2025 progresses, crypto markets are likely to remain sensitive to macro policy signals and institutional flows. Structural developments — such as further ETF adoption, continued on‑chain innovation and regulatory clarity — will shape medium‑term positioning.

Near term, the market will likely consolidate around current levels while participants digest incoming economic data and flow reports. A decisive breakout above the short‑term EMAs for BTC or above the $3,000 region for ETH could attract fresh momentum. Conversely, renewed outflows or a shift in monetary policy expectations could reintroduce downside pressure.

Conclusion

Bitcoin’s recent retest of $85,000 and Ethereum’s consolidation above $2,700 highlight the market’s tug‑of‑war between buyers seeking dip opportunities and sellers responding to technical and macro cues. Traders should continue to track central bank signals, fund flows, and on‑chain metrics as these factors are shaping price action more directly in 2025 than in prior cycles.

As always, prudent risk management and an awareness of both technical and fundamental drivers will help market participants navigate the near‑term volatility.

Disclaimer: This post is a compilation of publicly available information.
MEXC does not verify or guarantee the accuracy of third-party content.
Readers should conduct their own research before making any investment or participation decisions.