Bitcoin News Today: Bitcoin's Rally Driven by Macroeconomics, Not Halving Cycles

Bitcoin surged past $90,000 on November 25, 2025, marking a seven-day high and offering a tentative rebound for investors after a turbulent month that erased its 2025 gains. The price climbed over 3% in 24 hours, with Ethereum rising 3% to $3,022 and Solana surging nearly 5% to $143 as broader crypto markets showed signs of stabilization according to reports. Analysts attributed the earlier November downturn to declining institutional interest and uncertainty around Federal Reserve policy, which had driven Bitcoin down to a six-month low of $88,267 earlier in the week according to data. The recovery, however, was tempered by liquidity challenges, with over $2.1 billion in Bitcoin ask orders concentrated between $96,600 and $98,500, suggesting a potential short squeeze could push prices toward $100,000 as traders noted.

Institutional adoption of Bitcoin continued to gain momentum, with Texas purchasing $5 million in BlackRock's iShares Bitcoin Trust (IBIT) ETF and planning an additional $5 million in self-custodied Bitcoin. This move aligns with broader institutional interest, as Harvard's endowment fund disclosed a $443 million IBIT allocation, and spot Bitcoin ETFs collectively attracted $57.61 billion in cumulative inflows since their launch according to reports. JPMorgan's latest analysis projected a long-term price target of $240,000 for Bitcoin, arguing that crypto markets are now driven by macroeconomic trends rather than the traditional halving cycle according to JPMorgan. The bank also introduced a structured note linked to IBIT, offering leveraged exposure with downside protection, though it cautioned that the market remains structurally inefficient and prone to volatility according to analysis.

Technical analysis highlighted critical price levels for Bitcoin. Traders and analysts focused on the $98,000–$100,000 range, where short-term holder cost bases and liquidity clusters could determine the next directional move according to market analysis. Swissblock and Glassnode noted that reclaiming $97,000–$98.5K could flip market sentiment bullish, while breaking below $94,000 might extend the downtrend according to technical analysis. Meanwhile, stablecoin dynamics added complexity: S&P Global downgraded Tether's (USDT) ability to maintain its dollar peg to "weak," citing increased exposure to high-risk assets like Bitcoin and gold in its reserves according to S&P Global. Tether's USDT now holds 5.6% of Bitcoin's value in circulation, exceeding its overcollateralization margin and raising concerns about undercollateralization if crypto prices decline further according to analysis.

The market's forward-looking outlook remained mixed. While JPMorgan and other institutions emphasized Bitcoin's potential as a macro asset, short-term volatility persisted. The Federal Reserve's December rate decision and broader economic data would likely influence near-term movements according to market analysis. Additionally, new crypto ETFs, including Grayscale's Zcash and Dogecoin products, signaled expanding institutional access, though initial demand for non-Bitcoin tokens remained modest according to reports. As the Thanksgiving holiday approached, crypto trading continued uninterrupted, with investors closely watching for signs of sustained stabilization or renewed bearish pressure.